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Cincy Tells SEC: Nasdaq Misleads

Traders Magazine, February 2003

Gregory Bresiger

Nasdaq's complaints in a recent white paper about holes in the regulatory system are based on "material misstatements, mischaracterizations and suppositions." Nasdaq is attempting to "cloak its anti-competitive desires behind the claims that the CSE [Cincinnati Stock Exchange] and other markets lack sufficient rules...CSE is greatly troubled by these accusations, which the Nasdaq knows to be false." That's what Jeffrey Brown, senior vice president and general counsel of the Cincinnati Stock Exchange, wrote in a blistering reply to the Nasdaq white paper, which was sent to the Securities and Exchange Commission. Brown contended that Nasdaq's paper is inconsistent.

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