All the companies listed on the Nasdaq exchange will now be covered by at least one research firm courtesy of the Nasdaq OMX Group Inc. (NDAQ), including many that currently don't get any coverage at all.

Nasdaq OMX announced Monday it entered an agreement with the Chicago-based independent research firm Morningstar Inc. (MORN) to provide research that is primarily used by retail investors.

"Investors need to be able to access insightful and trusted data and research to make investing decisions," Nasdaq Executive Vice President Bruce Aust said in a press release. "Together, Nasdaq OMX and Morningstar are filling a void that has existed for some time, particularly among small- to mid-cap companies."

Morningstar analysts will produce research for more than 3,600 companies listed on Nasdaq OMX exchanges beginning in the third quarter, according to the release. The research will include a profile of the company and data and analyst research about the industry. It will not include Morningstar's more detailed analyst report, a Morningstar rating, or a buy/sell/hold recommendation.

Without a deal between Morningstar and Nasdaq, more companies might have joined the list of un- or under-covered companies after the 2003 Global Analyst Research Settlement expires in July.

The settlement provided $460 million to fund independent research from Morningstar and other firms over five years, funded by a dozen Wall Street research firms who settled with regulators over allegations their research analysts were pressured to promote certain stocks by their investment banking departments.

The deal will help Morningstar, which is one of the larger providers of independent research under the 2003 Global Analyst Research Settlement, recoup some of the revenue it may have lost after the settlement expires. The company has warned investors that it expects its post-settlement revenue to be "significantly lower" beginning in the second half of the year. Morningstar received $21 million in settlement monies in 2008 - about 4% of its consolidated revenue last year.

Shares of Nasdaq fell 80 cents, or 3.6%, to $21.20 in recent trading, while Morningstar shares declined 31 cents, or 0.7%, to $42.34, in line with a decline in the broader market.

-By Ed Welsch, Dow Jones Newswires; 201-938-5244; edward.welsch@dowjones.com