Nasdaq, the US stock market, saw its revenues decline by a fifth in the first quarter of this year as it struggled to attract new listings and gain greater market share.

Total revenues in the first three months of 2004 dropped 20.9% to $128.4m (€107m) from $162.4m a year ago. Revenue from Nasdaq's market services division decreased 31.8% to $76.1m from $111.6m a year ago.