The fourth quarter of 2011 results included $44m of pre-tax expenses associated with debt refinancing, the impairment of an available-for-sale investment security and merger and strategic initiatives.

Net exchange revenues increased 6% to $422m for the fourth quarter of 2011, compared to $400m for the same period in the last year.

Transaction Services generated net exchange revenues of $188m, an increase of 3%, compared to the same period a year ago.

Operating income was $161m, compared to $175m for the same period in the previous year.

NASDAQ OMX CEO and president Bob Greifeld said that in 2011, their strategic decision-making continued to pay off as they achieved double digit growth in revenues and earnings.