I've heard the NYSE wants to IPO next year. I wasn't aware the NASD was also considering. Are you aware of the timeframe?
Wednesday November 3, 6:30 pm Eastern Time
Nasdaq forges ahead with private placement plan
NEW YORK, Nov 3 (Reuters) - The National Association of Securities Dealers Automated Quotation system (Nasdaq), the nation's largest electronic stock market, is moving forward with plans to hold a private placement of its stock, according to Nasdaq President Alfred Berkeley III.
The private placement would be open to members of the National Association of Securities Dealers, the self-regulated owner and operator of the Nasdaq, Berkeley said, and may also be opened to some of Nasdaq's larger issuers.
Nasdaq is home to such prized technology stocks as Microsoft Corp. (NasdaqNM:MSFT - news) and Intel Corp.(NasdaqNM:INTC - news) and trades a large number of the nation's technology stocks.
A private placement would transform the Nasdaq by drawing in its larger members, who account for most of Nasdaq's revenues. Fresh funding could help it repel fierce competition from less-regulated, upstart trading systems.
Berkeley said the private placement is not a precursor to an initial public offering, though Nasdaq is known to have considered such a move.
``Right now there are no plans to go public,' Berkeley said.
He declined to estimate the amount of shares or expected proceeds of the proposed private offering.
``It will be up to the investment bankers and what they report to the board,' he said on Wednesday during a speech at the New York Society of Securities Analysts.
Nasdaq's board, which would have to approve the private placement, is expected to discuss the issue at a meeting in December. |
