Although all the exchanges sold off today, I am seeing Nasdaq as a relatively cheap takeover target, even though we have seen private equity deals and takeovers lose steam on the economic downturn. Per Google Finance (not my most trusted place, but I'm sure its close): NDAQ has a 11.59 P/E, 20.37 Future NYX has a 26.51 P/E, 24.38 Future CME (even with the selloff today) has a 32.50 P/E, 29.35 Future NMX (selloff again) has a 37.20 P/E, future not listed ICE has a 34.20 P/E, 29.3 Future Also, NDAQ is only a $4.58 billion market cap company, easily swallowed by the likes of Blackstone or Goldman Sachs, especially at these valuations. I've been buying NDAQ under $40, as I think that is a reasonable value level for it. I only got 300 shares at $39.98 today, but am going to be dollar-cost-averaging through this.