Can Nasdaq Make a Comeback? Layoffs and a new corporate culture are a sign of the hard times at Nasdaq.

Traders, August, 2003 by MacRae, Desmond

Whither Nasdaq? Embattled Nasdaq is at a critical point. Its application for exchange status has been pending with the Securities and Exchange Commission for some two years. Rumors abound that the application is in trouble and that Nasdaq has a fallback position: That, upon rejection, it would transform itself into a giant ECN, leaving its market maker client base to fend for itself.

Nasdaq's much celebrated SuperMontage platform has had many problems, with the biggest ECNs, Nasdaq's largest potential customers, refusing to use it.