NEW YORK, Oct. 14, 2009 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announced today that it will establish a new listing market called BX, pending SEC approval, for companies that do not presently qualify for an exchange listing.
BX will be a modern venue for companies that aspire to list on, or return to, The NASDAQ Stock Market. While BX will have basic quantitative listing standards, the exchange will require companies to comply with many of the qualitative requirements for listing on NASDAQ and other securities exchanges. In addition, transactions on this platform will be subject to a high level of real-time and post-trade market surveillance.
"With BX we are filling a necessary need for a well-regulated listing venue for companies that otherwise would transfer to, or remain on an unregulated or lightly regulated platform," said Bob McCooey, Senior Vice President of NASDAQ OMX. "This platform will provide significant benefits and protections to companies and their shareholders alike."
Companies who qualify for BX will need to meet significant qualitative listing requirements including having at least three independent directors, a fully independent audit committee and an independent process for oversight of executive compensation decisions.
It is expected that candidates for BX are presently trading on one of the over-the-counter venues, either the OTCBB or the "Pink Sheets," or are listed on NASDAQ or another exchange and subject to being delisted.
NASDAQ OMX is using its listing license from the acquisition of The Boston Stock Exchange in September 2008 to launch the BX market. Currently, NASDAQ OMX operates a successful trading platform called NASDAQ OMX BX that is also derived from its strategic acquisition of The Boston Stock Exchange.
About NASDAQ OMX
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,700 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com. *Please follow NASDAQ OMX on Facebook (http://www.facebook.com/pages/NASDAQ-OMX/108167527653) and Twitter (http://www.twitter.com/nasdaqomx).
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about The NASDAQ Stock Market and NASDAQ OMX Group's other products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX Group's control. These factors include, but are not limited to factors detailed in NASDAQ OMX Group's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
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