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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001179110-05-016733.txt : 20050819
<SEC-HEADER>0001179110-05-016733.hdr.sgml : 20050819
<ACCEPTANCE-DATETIME>20050819174021
ACCESSION NUMBER:		0001179110-05-016733
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050816
FILED AS OF DATE:		20050819
DATE AS OF CHANGE:		20050819

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:		051039513

	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>2005-08-16</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>2005-08-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>11900</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>19842622</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2005-08-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3300</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>19839322</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <remarks>As of the date of this filing, The National Association of Securities Dealers, Inc. (&quot;NASD&quot;) has issued and outstanding 10,806,494 warrants (&quot;Warrants&quot;), each exercisable for one share 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 in each of four approximately one-year consecutive exercise periods (the first, second and the third of which expired at the close of business on June 27, 2003, June 25, 2004 and June 27, 2005, respectively).  Until Nasdaq is registered as an exchange (&quot;Exchange Registration&quot;), the shares of Common Stock underlying the Warrants are subject to a voting trust agreement (the &quot;Voting Trust&quot;) whereby a voting trustee will vote all shares of Common Stock underlying unexpired and unexercised Warrants, as well as those shares sold upon the exercise of Warrants, as directed by NASD.  Therefore, while NASD no longer has an economic interest in th
e shares of Common Stock sold upon the exercise of Warrants, it retains the voting rights of such shares until Exchange Registration.  This Form 4 reflects the exercise of Warrants for the purchase of a total of 15,200 shares of Common Stock and the sale by NASD of such shares.  As of the date of this filing, NASD owns 10,791,294 shares of Common Stock subject to the Voting Trust and 9,048,028 shares of Common Stock that are not subject to the Voting Trust.</remarks>

    <ownerSignature>
        <signatureName>/s/ Todd Diganci, Executive VP and Chief Financial Officer</signatureName>
        <signatureDate>2005-08-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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