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Article: Nasdaq Faces Plan B as SEC Stalls.
- Article from:
- Securities Industry News
- Article date:
- December 23, 2002
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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More than two years after Nasdaq filed its registration application, there is still no guarantee that the Securities and Exchange Commission will approve its exchange status, a crucial component of Nasdaq's business future.
The application raises the question of "What is an exchange in the 21st century?" and other important market structure issues that have prompted strong opposition from some key players in the industry.
In 1998, Regulation ATS acknowledged that the Nasdaq Stock market operates as an exchange, which it defined as "any organization, association, or group of persons that brings together the orders of multiple buyers and sellers, and uses ...