NASDAQ OMX announces new listing market

NASDAQ OMX announces new listing market


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.