-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SbdxUV0reKTp9KMW++DnMlUfaDvBYS6r9YqrWJMoI2JhXDpktDbHPGZZF0Cs8g0z
 2TjRe1hMmRXcqpr5TAmyAw==

<SEC-DOCUMENT>0001179110-06-014890.txt : 20060707
<SEC-HEADER>0001179110-06-014890.hdr.sgml : 20060707
<ACCEPTANCE-DATETIME>20060707184347
ACCESSION NUMBER:		0001179110-06-014890
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060707
FILED AS OF DATE:		20060707
DATE AS OF CHANGE:		20060707

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

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:		06952256

	BUSINESS ADDRESS:	
		STREET 1:		1735 K STREET
		STREET 2:		NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006
		BUSINESS PHONE:		202-728-8000
</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>2006-07-07</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>2006-07-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>147082</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>593468</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 147,082 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 593,468 shares of Common Stock, a portion of which are underlying Warrants for which exercises were initiated pri
or 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>2006-07-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----