The Nasdaq Stock Market has completed the repurchase of 33.8 million shares of Nasdaq common stock owned by the National Association of Securities Dealers for $439 million, or $13 per share.

The repurchase is another major step toward Nasdaq’s separation from the NASD, a major objective of the restructuring efforts undertaken by the two companies over the last two years. Prior to this transaction, the NASD owned 77 million shares. The remaining 43.2 million shares owned by the NASD represent shares underlying warrants issued during Nasdaq’s private equity placement.

“The repurchase of these shares is another major milestone on the road to Nasdaq becoming an independent, investor-owned company,” said Wick Simmons, chairman and CEO of Nasdaq. “As an independent entity, we will continue to provide a highly liquid, efficient, well-regulated market. We plan to leverage our technology infrastructure, strong brand, and unique client relationships to achieve our vision of creating a global trading platform.”

“The transaction further aligns Nasdaq with its shareholders,” said Simmons. “It enables the company to focus on creating value through the development and release of new products and services worldwide.”