Commentary

Elaine Wah

Modern Markets, Modern Metrics - A Blog By IEX

In this blog by IEX's Elaine Wah, the newest public exchange looks to refute public claims that the metrics it uses are designed to inflate its own volume numbers and mislead people.

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In his first public speech, SEC Chair Jay Clayton deviated from his prepared remarks and offered his own "off the cuff" comments on market issues. Do you like this change of pace?




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April 21, 2005

The NASD's Nasdaq Promise

By Gregory Bresiger

NASD, aware that the SEC is looking closely at possible conflicts within SRO structures, says it will quickly shed its Nasdaq ownership. In a footnote to its comment letter on the various SEC SRO proposals, NASD said it will divest itself "of any meaningful ownership interest in Nasdaq prior to the effective date of any rules the Commission may adopt in this area."

And NASD wrote that, after Nasdaq achieves exchange status, it may continue to hold a "temporary, residual interest" in the exchange. But that "interest would not give rise to the types of conflicts of concern to the Commission, particularly given that NASD would not control or operate Nasdaq."