The problem is, cities have not been able to find ways to collect from tax-exempt organizations. The bigger problem is that nonprofits are the fastest growing sector in the U.S. economy.

Nasdaq would gain a great brand name. To get those marquee global companies on their exchange, Nasdaq realizes it can slug it out one-by-one with the New York Stock Exchange, but if it had London, it would be that much easier.

If they get this balance right, their market share and trading volume can really take off. If they don't, all the acquisitions and other products won't help them. They have to get this right, right off the bat.