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Nasdaq and Big Board Tango Over Regulator

Traders Magazine, March 2004

Staff Reports

Former Nasdaq President Richard Ketchum, originally scheduled to start his top new regulatory post at the Big Board on June 1, is already on the job - three months early. The decision to move his starting date up did not come cheap - it may have cost the Big Board heavily and Ketchum himself $250,000 in salary owed to him by Nasdaq. Still, on the positive side, it garnered Nasdaq, which has had some recent poor quarterly results, a handsome payday. Nasdaq reportedly released Ketchum from a non-compete agreement at a cost of $300,000 to the NYSE. That agreement prevented Ketchum from taking the NYSE post until June.

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