NEW YORK, Feb. 20 /PRNewswire-FirstCall/ -- Bob Greifeld, President and
Chief Executive Officer of The Nasdaq Stock Market, Inc. (NASDAQ(R);
(OTC Bulletin Board: NDAQ), today testified before Chairman Baker and other
members of the Subcommittee on Capital Markets, Insurance and Government
Sponsored Enterprises Of the House Financial Services Committee.
The hearing, titled Market Structure III: The Role of the Specialist in
the Evolving Modern Marketplace, was held in New York today.
During today's hearing, Mr. Greifeld focused on the evolving modern stock
markets and putting investor interests first when determining the future of
the markets. Greifeld emphasized free market competition that results in more
choice for investors and in turn better prices when trading. In calling for
the repeal of the Trade Through rule he said, "Let's bring all the U.S. equity
markets into the modern era by exposing them to the forces of competition
which apply to the rest of the American marketplace and have made our
capitalist system so successful."
By repealing the Trade Through rule, Greifeld stated that investor orders
would not be forced to slow down for floor-based markets for an "eternity of
seconds" with the hope of accessing a best advertised price.
Greifeld also commented, "The most important aspect of Trade Through
repeal -- [is that] investors would benefit from having choice and from the
innovation and improvements that competition would unleash, just as they have
in the NASDAQ market space with tighter spreads, greater liquidity and faster
execution times."
Mr. Greifeld's submitted testimony can be accessed at http://www.nasdaqnews.com
NASDAQ(R) is the world's largest electronic stock market. With
approximately 3,300 companies, it lists more companies and, on average, trades
more shares per day than any other U.S. market. It is home to category-
defining companies that are leaders across all areas of business including
technology, retail, communications, financial services, transportation, media
and biotechnology industries. NASDAQ is the primary market for trading NASDAQ
listed stocks. Approximately 54% of NASDAQ-listed shares traded are reported
to NASDAQ systems. For more information about NASDAQ, visit the NASDAQ Web
site at http://www.NASDAQ.com or the NASDAQ Newsroom(SM) at http://www.NASDAQnews.com.
SOURCE NASDAQ
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Bethany Sherman, +1-212-401-8714, or Silvia
Davi, +1-646-441-5014, both of NASDAQ
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