Nasdaq applauds marketplace regulation

New York: The Nasdaq Stock Market (www.nasdaq.com) has announced that it applauds the US Securities and Exchange Commission (SEC) for its action to support thorough regulatory oversight of stock trading and ensure fair competition among the markets trading Nasdaq securities.

In early May 2002, Nasdaq submitted a rule proposal to the SEC that would create a distinct fee for regulation and separate that fee from tape revenue sharing. Although the SEC has abrogated Nasdaq's proposal, Nasdaq is pleased that the SEC has taken steps to eliminate the tape sharing in Nasdaq securities across all exchanges that necessitated its original rule filing.

"We believe that chairman Pitt and his colleagues at the commission have reaffirmed their commitment to the comprehensive, high-quality regulation of our nation's equity markets," says Nasdaq chairman and chief executive officer Wick Simmons. "This commitment is particularly important as we work together to reassure the public regarding the integrity of the U.S. equity markets."