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Archipelago: Nasdaq Can Blame Itself

Traders Magazine, April 2003

Gregory Bresiger

Nasdaq's current cost problems mostly have been caused by its regulatory woes from the 1990s and the unexpected costs of SuperMontage, Archipelago officials told Traders Magazine. And Archipelago attorneys Kevin O'Hara and Janice Angstadt also said they plan to file a reply to the Nasdaq SEC petition. That petition seeks equal surveillance and enforcement of uniform trading rules. "Many of these costs come from the huge settlement they had to make with the SEC because of the price-fixing scandal in the 1990s," O'Hara said. He said that the SEC settlement - besides a one billion dollar fine - required Nasdaq to upgrade their audit and control systems.

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