Is Nasdaq Application in Trouble?
Traders Magazine, August, 2003 by Gregory Bresiger
The Nasdaq application to become a for-profit exchange is in trouble and is not likely to be approved by the Securities and Exchange Commission, several industry sources privately told Traders Magazine.
"It's not going to happen," said one trading industry executive. "The SEC is not going to approve it, but that isn't nearly so important to Nasdaq as other things," said another.
These sources, some of whom have recently worked for Nasdaq, said finding the proper business model is "far more important" to Nasdaq than whether the SEC gives formal approval to what has become a de facto exchange.
"They are cutting people left and right. They need to shore up revenues from transaction services, which have been going down by leaps and bounds," said one former...
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