The transaction, which has been approved by each company's board of directors, is expected to increase Nasdaq's profits within 12 months of closing. The deal is expected to close in the third quarter of this year, subject to certain conditions and regulatory approval.

The acquisition will allow Nasdaq to route orders via an internal broker-dealer and increase liquidity, the company said.

"In addition to generating incremental revenue, the transaction complements our strategy to provide a lower-cost and more efficient trading environment, which ultimately better serves our customers," said Bob Greifeld, chief executive of Nasdaq.

Greifeld said the transaction is part of Nasdaq's strategy to increase its share of trading and raise the number of Nasdaq-listed companies. Upon completion of the acquisition, Nasdaq and SunGard plan to enter into multiyear processing agreements.