The over the counter bulletin board lives on as NASDAQ announces its is abandoning its plans for the BBX Exchange and NASDAQ Europe. No comment is made of its intention to sell the American Stock Exchange
Santa Barbara, California (PRWEB) June 26, 2003 -- The Law Offices of Kenneth Eade announced today that the NASD, or National Association of Securities Dealers (NQSD) has abandoned its plans to launch the new BBX Exchange. In a surprise announcement today, Glen Wolyner, Executive Vice President of NASDAQ, that NASDAQ's new management, led by President and CEO Robert Greifeld, recently concluded a strategic reviez of NASDAQ's business initiatives and that, as a result of that review, NASDAQ is discontinuing its efforts to launch the BBX. Wolyner also announced that the existing Over The Counter Bulletin Board (OTCBB) will continue its current operations that provide a quotation facility for companies that are current in their Securities and Exchange Commission (SEC) filings.
The other programs NASDAQ has decided to discontinue are NASDAQ Europe, which will be wound down and discontinued, and NQLX, a joint venture with the London International Financial Futures Exchange (LIFFE) to create a market for single stock futures and other futures products. NASDAQ also announced the discontinuance of Liquidity Tracker and NASDAQ Tools.
No mention was made of the NASD's June 2 announcement to sell it interests in the American Stock Exchange to private Chicago based equity firm, GTCR Golder Raunder LLC, in a transaction valued at approximately $110 million. All of the announcements, however, did indicate the NASD was scaling down its plans to expand its NASDAQ model into other international markets, which concepts were hatched during the last bull market.
The Law Office of Kenneth Eade is available to answer your questions about the abandonment of the BBX program, the over the counter bulletin board (OTCBB) and all questions relative to private placements, SEC filings, public offerings and quotation systems and exchanges at 805-560-9828, or log on to www.ipo-attorney.com
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