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In this shared blog, David Weisberger says a recent WSJ article is wrong and that traders do need to purchase faster and more comprehensive market data to avoid being fined for violating "Best Execution" obligations.

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April 1, 2002

Another Step Away From the NASD

By Gregory Bresiger

Nasdaq moved one step closer to completely cutting its ties with its parent, the National Association of Securities Dealers.

Nasdaq recently completed the repurchase of 33.8 million shares of Nasdaq stock. The shares - valued at $13 a share - were sold for $439 million. The shares were sold in two phases in a period over February and March. The purchase leaves the NASD with 43.2 million remaining shares, which represent underlying warrants that were issued during Nasdaq's private equity placement.

"The transaction further aligns Nasdaq with its shareholders. It enables the company to focus on creating value through the development and release of new products and services worldwide," according to Hardwick Simmons, chairman and chief executive of the Nasdaq Stock Market.

Exchange Status

Until Nasdaq is granted exchange status, which is pending with the Securities and Exchange Commission, the NASD will continue to control the voting trust governing all the warrants that were sold in the private placements.