Nasdaq to Create Market Technology and Services Company with SSI Technology of India - IndigoMarkets Will Build Internet-based Infrastructure for Nasdaq-Japan and Nasdaq-Europe

The Nasdaq Stock Market® announced today that it has established IndigoMarketsSM, a joint venture company to be formed with SSI Technologies (SSIT), a division of SSI Ltd., of India. The new company will create Internet-based trading and market systems for Nasdaq® global markets including Nasdaq-EuropeSM and Nasdaq-JapanSM-the new markets being set up to provide European and Japanese investors with enhanced opportunities to invest in the world's preeminent stocks and initial public offerings (IPOs). IndigoMarkets will also sell its products to other customers worldwide. The IndigoMarkets product line will provide a state-of-the-art electronic securities market based on proven Nasdaq market structures. Market facilities will include both order-driven and quote-driven structures as well as access to external services such as third market trading. IndigoMarkets will provide these services using the latest distributed and Internet technologies available from several strategic partners including Compaq, Microsoft, Cisco Systems, MCIWorldCom, and others. The new product line will also leverage existing SSIT technology currently in use in several Asian stock markets. More than 1,800 technical and functional specifications are under development for the deployment of Nasdaq-Japan and testing is expected to begin in the third quarter of 2000. "This partnership draws together the brand, technology, and market knowledge of Nasdaq and the execution, engineering, and brokerage skills of SSIT to create a unique new company called IndigoMarkets. No other firm is as well positioned to deliver on the Internet trading era," said Gregor S. Bailar, Executive Vice President and Chief Information Officer of the National Association of Securities Dealers (NASD®)-the parent company of The Nasdaq Stock Market. Commented John Hilley, Chairman and CEO, Nasdaq International, Ltd. "Our new joint venture with SSIT represents another important step in our strategy of building on our position as the world's leading global stock market. It underlines our determination that the new Nasdaq-Europe and Nasdaq-Japan markets will be based on the very best state-of-the-art technology. Nasdaq-Japan will be first, but Nasdaq-Europe will be using the same technology and will follow shortly. This will create the first major legs of Nasdaq's global trading network." "SSIT is excited to work with Nasdaq to deliver a best-of-breed electronic securities market. The opportunity to pool our resources to support Nasdaq's global needs and to offer these solutions to other world-class clientele is truly powerful. The Nasdaq-SSIT relationship is poised for significant expansion and growth because it leverages on the core competencies of each partner-Nasdaq creating a new market environment and SSIT providing the state-of-the-art Internet trading solution," said Kalpathi Suresh, Chairman, SSI Ltd. SSIT's securities practice specializes in mission critical on-line transaction processing in the areas of stock exchange automation and Internet trading. Their product TESA-The Electronic Securities Architecture-is a world class stock exchange automation system. The system supports various services including trading, exchange and broker support, clearing and settlement, and on-line risk management. SecuraTrade is an on-line Internet trading system that provides complete trading facilities to investors over the net. It enables brokerage houses and stock exchanges to quickly and easily install powerful web-based trading sites on the Internet to service their investors. SSIT will set-up an Off-Shore Development Centre (ODC) in Chennai, India, as a Strategic Business Unit to support the requirements of IndigoMarkets. This ODC will be the off-shore partner for IndigoMarkets and will actively support the development and implementation of solutions for customers worldwide. SSI Ltd., provides quality training, consulting, and development services to the computing industry worldwide. Since its incorporation in 1991, SSI has grown to become India's third largest software education company and a comprehensive IT service provider in cutting edge product lines. SSI Technologies is a virtual corporation of SSI Ltd. SSIT provides component-based software development and consulting services to global clientele in the key verticals of securities trading, banking, insurance, telecom, and healthcare. SSIT architects Internet solutions to take full advantage of e-commerce. The Nasdaq Stock Market lists nearly 5,000 companies, has a larger dollar volume, and trades more shares per day than any other U.S. market. Nasdaq is a subsidiary of the NASD, the largest securities-industry, self-regulatory organization in the United States. For more information, visit www.indigo-markets.com, the Nasdaq Web site at www.nasdaq.com, the Nasdaq-Japan site at www.nasdaq-japan.com, the Nasdaq-Europe site at www.nasdaq-euromarket.com, the Nasdaq United Kingdom site at www.nasdaq.co.uk, or our site for reporters-the Nasdaq NewsroomSM-at www.nasdaqnews.com.