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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SEymsxmb1yxDCdEOfm22W4ANLjRgnWpkKsSG4aD5zc5+3T/ibf7/9ohr7ZEejfST
 VuCbH4uTDg+JpwbV5jBgMA==

<SEC-DOCUMENT>0001179110-06-014315.txt : 20060630
<SEC-HEADER>0001179110-06-014315.hdr.sgml : 20060630
<ACCEPTANCE-DATETIME>20060630175145
ACCESSION NUMBER:		0001179110-06-014315
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060630
FILED AS OF DATE:		20060630
DATE AS OF CHANGE:		20060630

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NATIONAL ASSOCIATION OF SECURITIES DEALERS INC
		CENTRAL INDEX KEY:			0001135289

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-32651
		FILM NUMBER:		06938990

	BUSINESS ADDRESS:	
		STREET 1:		1735 K STREET
		STREET 2:		NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006
		BUSINESS PHONE:		202-728-8000

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NASDAQ STOCK MARKET INC
		CENTRAL INDEX KEY:			0001120193
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
		IRS NUMBER:				521165937
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE LIBERTY PLAZA
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10006
		BUSINESS PHONE:		2128584750

	MAIL ADDRESS:	
		STREET 1:		ONE LIBERTY PLAZA
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10006
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-06-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001120193</issuerCik>
        <issuerName>NASDAQ STOCK MARKET INC</issuerName>
        <issuerTradingSymbol>NDAQ</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001135289</rptOwnerCik>
            <rptOwnerName>NATIONAL ASSOCIATION OF SECURITIES DEALERS INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1735 K. STREET, N.W.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WASHINGTON</rptOwnerCity>
            <rptOwnerState>DC</rptOwnerState>
            <rptOwnerZipCode>20006</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2006-06-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4679187</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>740550</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <remarks>This Form 4 reflects the exercise of warrants (&quot;Warrants&quot;) issued by National Association of Securities Dealers, Inc. (&quot;NASD&quot;) for the purchase of a total of 4,679,187 shares of The Nasdaq Stock Market, Inc.'s (&quot;Nasdaq&quot;) common stock, par value $0.01 per share (the &quot;Common Stock&quot;), held by NASD and the sale by NASD of such shares.  The Warrants originally were each exercisable for one share of Common Stock in each of four approximately one year consecutive exercise periods, the first, second and, third of which expired at the close of business on June 27, 2003, June 25, 2004 and June 27, 2005, respectively, and the last of which expired at the close of business on June 27, 2006.  Processing of the warrant exercises and related sales reported hereby was completed on June 30, 2006.  After giving effect to the transactions reported hereby, NASD owns 740,550 shares of Common Stock, a portion of which are underlying Warrants for which exercises were initiated p
rior to the close of business on June 27, 2006 but for which processing has not been completed.</remarks>

    <ownerSignature>
        <signatureName>/s/ Scott C. Anderson, Vice President Finance</signatureName>
        <signatureDate>2006-06-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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