Nasdaq: What we have achieved and where we are heading

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NASDAQ: What we have achieved and where we are heading

      • NASDAQ 1sts
        • The Global Select Market with the highest listing standards in the world
        • Select Market Makers
        • Highest achievement in dual, spin-off and switch listings for any exchange
        • Achieved 20.7% market share for the top 10 most actively traded NYSE companies
        • Independent Research Network (IRN) - Coverage and visibility for issuers
      • Technology Advancements
        • NASDAQ IPO/Halt process
        • Open, Closing & Intraday Crosses
        • Most advanced Online trading system (Openview) for traders and our issuers
      • Corporate Acquisitions
        • 25% of the London Stock Exchange
        • Risk Management - Carpenter Moore
        • Investor Relations - & PrimeZone Wire Services
      • Alliance partners
        • Corporate Governance – Equilar, BOD compensation
        • MetricStream – SOX automated systems

NASDAQ is the World’s Most Recognized Market

Companies Choose NASDAQ NYSE listed companies are transferring to and listing their spin-offs on NASDAQ.

Current Dealer Market vs. Auction Market

Dealer Market is the Market of the Future Most stock exchanges have eliminated trading floors. The remaining floor-based exchanges are building electronic networks to trade.

Superior Performing Market Based on SEC Definition NASDAQ outperforms auction based exchanges on independent SEC mandated Order Execution Rule (605) measures, which compares execution quality among market centers using uniform statistics.

NASDAQ Provides Greater Market Depth NASDAQ’s competitive market structure produces greater liquidity and offers a broad reaching platform for issuers to convey their message.

NASDAQ Companies Have Higher Valuations - Across All Size Ranges and All Sectors

NASDAQ Stocks Have Higher Valuations NASDAQ Companies sustain higher P/Es, on-average, than NYSE companies with like-kind 2-year forecasted growth rates.

Institutional Investors are Moving Their Trades Away from the Floor Towards Electronic Markets The percentage of trades occurring on the NYSE is continually decreasing as institutional investors take advantage of NASDAQ’s superior platform to receive more efficient, higher quality executions with lower spreads.

Institutional Investors are Wary of NYSE Hybrid Model For 35 years NASDAQ has brought leadership and innovation to the markets, today our electronic market model is emulated around the world.

  • The Hybrid Market allows the Specialist to Remain in a Privileged Position

  • Power to view incoming orders before the public

  • Only person to have access to reserve, discretionary and hidden orders

  • Trading in their proprietary account without interacting with public orders

  • Institutional Investors still have many concerns about the Hybrid Proposal

  • Specialist is still in a privileged position against public interest

  • Confusion as to how investors will interact with the auction model, the hybrid and Arca

  • Best execution requirements

  • Unproven technology

Comparative Listing Fees NASDAQ annual fees are lower than both NYSE and proposed NYSE Arca fees across all TSO Ranges.

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