"About 3,600 companies trade on exchanges operated by NASDAQ OMX Group (NDAQ), where an average of 8.8 billion shares changes hands each day," says Richard Moroney.

The editor of Dow Theory Forecasts explains, "The company controls about two-thirds of trades involving NASDAQ securities and half of NYSE securities. It also holds about one-third of the U.S. options-trading market.

"Over the last five years, NASDAQ's revenue rose at an annualized rate of 32%, with operating cash flow up 43%.

Nasdaq OMX Group (NDAQ) is lingering near annual-high territory, but not everyone on Wall Street is impressed with the stock's price action. Bright and early Tuesday morning, the exchange operator was singled out for a bearishly biased options strategy.

Shortly after the opening bell, a block of 1,950 March 24 puts traded near the ask price at $1.20, indicating they were most likely purchased. At the same time, a block of 3,900 March 21 puts changed hands near the bid price at $0.30, suggesting they were probably sold. Volume is easily outstripping open interest at both strikes, so it's safe to assume that we're seeing the initiation of a new spread position.

The Bank of New York Mellon Corp. (NYSE: BK) has become a minority equity investor in International Derivatives Clearing Group (IDCG), the derivatives clearing unit that's a subsidiary of Nasdaq OMX Group (NASDAQ: NDAQ). Financial terms of the deal were not disclosed, nor was the size of the stake -- but it's definitely a symbiotic pact. IDCG will use securities servicing products provided by the bank, and Bank of New York Mellon's chief executive of broker-dealer services, Art Certosimo, will join IDCG's board.

"This strategic partnership with Nasdaq OMX provides our buy side and sell side clients with a flexible platform that meets their derivatives trading, clearing and servicing needs," stated Bank of New York Mellon President Gerald Hassell. Bob Greifeld, CEO of Nasdaq OMX, added that the partnership "lends support to President Obama's proposed reforms of the [over-the-counter] derivatives market."