Nasdaq Talk of IPO Is Looking More Serious
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The idea of Nasdaq the stock market becoming Nasdaq the stock may be on the fast track.
Nasdaq’s parent, the National Assn. of Securities Dealers, may vote as early as July on a proposal to have the Nasdaq Stock Market and American Stock Exchange sell shares in an initial public offering.
The industry association may convert the second- and third-largest U.S. stock markets into a publicly held firm to align sometimes-conflicting interests among Nasdaq’s constituent groups, NASD Chairman Frank Zarb said.
“We are taking a measured look at various alternatives”--including a stock offering--”to better harmonize the interests of the organization with that of its participants,” Zarb said Monday through a spokesman.
The idea isn’t novel: Australia and Sweden already have publicly held stock exchanges.
NASD, which runs Nasdaq and the Amex and polices all U.S. brokers, may also propose spinning off its broker-regulatory unit, NASD Regulation, into a separate entity with its own funding, said NASD board member Frank Baxter, head of brokerage Jefferies Group.
The Securities and Exchange Commission would have to approve any major NASD moves.
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