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Arca and Nasdaq Clash on Short Selling

Traders Magazine, May 2003

Gregory Bresiger

Archipelago's ArcaEx exchange should be required to adopt a short sale rule since Nasdaq must live with this rule. That's the position of Nasdaq officials, who recently spoke with the Securities and Exchange Commission. However, an Archipelago official dismissed the complaint. "I think this is, once again, Nasdaq, reacting to competition from Archipelago. Frankly, they're losing business and are having trouble competing for issuers," said Janet Angstadt, an Archipelago counsel. Angstadt stressed that Nasdaq had recently made no formal request to the Securities and Exchange Commission. Still, in April, Nasdaq's general counsel, Edward Knight, in a petition, wrote that, "all exchanges that trade Nasdaq stocks must have rules to regulate short sales."

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