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Tim Quast
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We're All HFTs Now

In this guest commentary, author Tim Quast looks back at the history of HFT and how the market has evolved to where many firms now fit the definition of high-frequency trader.

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September 30, 2001

Nasdaq Reacts to WTC Attack

By Gregory Bresiger

Nasdaq, trying to help firms hurt by the Sept. 11 disaster, says it has implemented an

across-the-board moratorium on the minimum bid and public float requirements for continued listing. The moratorium will be effective until Jan. 2, 2002, Nasdaq officials said.

"In the days following Sept. 11, we extended the grace period associated with these requirements for affected companies on an individual basis," said Wick Simmons, chairman and chief executive officer of Nasadaq. "We implemented a broader action that we believe will provide greater stability to the marketplace during these times of economic uncertainty."

Normally, Nasdaq rules have generally required that companies with securities that fall below minimum bid price or fail to meet minimum market value of public float requirements for 30 consecutive business days are given a 90-day grace period to regain compliance. Under the temporary relief provided by the new rules, companies will not be cited for the bid price or the market value of public float deficiencies. Companies currently under review for deficiencies or in the hearing process will be taken out of the process. No deficiencies will accrue during the proposed suspension process, according to Nasdaq officials.