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Firms' Legal Steps to Block Nasdaq SaleDissidents Attack NASD for Silence As Hi

Traders Magazine, April 2000

William Hoffman

A group of angry market makers and brokerage firms is considering legal action to block the demutualization of the Nasdaq stock market, informed sources told Traders Magazine.

The demutualization plan, approved by an overwhelming majority of NASD member firms on April 14, would see Nasdaq convert from a membership-run group to a private organization. All told, 3,423 members voted in favor of the plan, while 652 voted against it.

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