|  | | 2004 News and Press Releases | | |
HEADLINE NEWS:
NASDAQ Chief Sees Changes Ahead
Forbes.com. September 29, 2004
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EXCERPT: Nasdaq plans to list itself on its own National Market by the end of the year, President and Chief Executive Robert Greifeld said Wednesday. It is currently listed on Nasdaq's Over-The-Counter Bulletin Board. A secondary offering of stock to existing shareholders was also under consideration, Greifeld said. According to Greifeld, the reason was to increase the liquidity in the stock, which now has a small float and is infrequently traded, and to provide Nasdaq with a currency for possible future acquisitions. The moves suggest that the Nasdaq won't hold a traditional initial public offering. Greifeld also said Nasdaq plans to announce more dual listings from the New York Stock Exchange in the coming months. "We're talking to a number of firms," he said. Seven companies, including Hewlett-Packard (nyse: HPQ - news - people ), Charles Schwab (nyse: SCH - news - people ) and American Financial Group (nyse: AFG - news - people ), have dual listings, and Greifeld predicted that some companies would drop their NYSE listing. "We'll get one more (dual listing) to switch this year," he said. Greifeld also said he hopes to add more American depositary receipts from overseas to the exchange and opined that the current ADR level of 10% of the Nasdaq's roughly 3,300 stocks "should be higher." |
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