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The new Nasdaq market is here, or almost. But will it be profitable--and when? "It's our objective to make it profitable from the get-go," said Frank Zarb at a January 4 press conference. "Nasdaq today is profitable as part of a not-for-profit organization. When it becomes a really for profit organization it will be even better, more agile and flexible in responding to market conditions."

The long-anticipated private placement was announced as the cornerstone of the deal, and will come in two

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