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Pushing Around The Big Board: Is Nasdaq Going to Eat The Big Guy's Lunch?

Traders Magazine, September 2000

Sanford Wexler & Gregory Bresiger

After about three decades of remarkable growth by the stock exchange "for a digital age," the stage is set for a brutal battle between Nasdaq and the Big Board. Nasdaq is now far too big and far too noisy to be ignored. The battle will be waged on many fronts--in the fight for listings, on the web and in many places outside of the United States.

The acquisitions of market making firms by significant Wall Street players - market makers that include starlets such as Herzog, Heine Geduld; Spear, Leeds & Kellogg; PaineWebber Inc. - is one indication that Nasdaq is no longer the obscure exchange for OTC stocks.

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