Boston Stock Exchange to Trade NASDAQ Securities; BSE Trading Rules Published for Public Comment by the SEC.Business Editors BOSTON--(BUSINESS WIRE)--July 10, 2001 The Boston Stock Exchange The Boston Stock Exchange (BSE) is a regional stock exchange located in Boston, Massachusetts. The third-oldest stock exchange in the United States, it was founded in 1834. On October 2nd, 2007 Nasdaq agreed to acquire BSE for $61 million. (BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). ) announced today that it will begin trading NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on (R) securities as early as this fall, pending Securities and Exchange Commission (SEC) approval of its proposed trading rules. The Exchange's proposed rules, filed with the SEC on May 14, 2001, were published last week for public comment. "The introduction of trading in NASDAQ issues will expand our equity trading In finance, equity trading is the buying and selling of company stock shares. Shares in large publicly-traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange, London Stock Exchange or Tokyo Stock Exchange, which serve as base and take us another step closer to being a `full-service' exchange," said Kenneth R. Leibler, BSE Chairman and Chief Executive Officer. "We are responding to clients, notably our independent member firms and their customers, who see substantial opportunity in trading NASDAQ stocks from our trading floor. Equally important, participating firms will be bound by the BSE's trading rules, offering a greater degree of oversight
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During the SEC's 35-day public comment period, the Exchange will begin planning the allocation process for NASDAQ stocks so that trading can begin shortly after rule approval is granted. The BSE's allocation model calls for continuing re-allocation during a two-year rollout period as existing members and new member firms join the program. The Exchange's proposed rules permit one market maker per NASDAQ issue, and traders on the BSE floor will not be able to trade both exchange-listed and NASDAQ securities simultaneously. Initially, the BSE plans to introduce approximately 500 NASDAQ stocks to be traded at six new BSE floor posts, with a longer-term goal of trading a minimum of 1,000 of the top 4,500 NASDAQ-traded issues. Trades and quotes from BSE firms will appear on NASDAQ trading screens under the heading "BOSX." The Exchange currently trades approximately 2,100 equities that are listed on the BSE, NYSE NYSE See: New York Stock Exchange , AMEX AMEX See: American Stock Exchange , and other regional exchanges, totaling more than 20 million shares per day in these issues. About the Stock Exchange The Boston Stock Exchange, Inc. (BSE) is a premier, national equities exchange that offers exceptional market quality, highly specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. products and services, innovative technology and outstanding customer service to the investment community. Long regarded as New England's exchange, the BSE has from its beginnings played an important part in the development of the region's financial markets, serving public companies, investment institutions, and brokerage firms. Also important is the vital role the Exchange performs today as a national, competitive exchange within the strongest capital market system in the world. www.bostonstock.com. |
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