Amex, Nasdaq in talks to move QQQ
Report: Nasdaq 100 index trust, most traded security, may move ahead of July deadline.
September 16, 2004: 7:13 AM EDT
NEW YORK (CNN/Money) - The Nasdaq 100 index trust, the popular fund known as QQQ, is moving to the Nasdaq sooner than expected from its longtime home on the American Stock Exchange, according to a published report.
The New York Post reported Thursday that Nasdaq and Amex are close to an agreement to move the most actively-traded security in the United States ahead of a previously set July 2005 deadline.
The Post said the exchange-traded fund would continue to be traded on different exchanges and electronic marketplaces. Ironically, Nasdaq has never listed the QQQ.
The Amex invented the ETF and is the default home for listing them, although it handles a relatively small percentage of the trades.
While the loss of the QQQ listing will be damaging to the prestige of the already beleaguered Amex, the paper said Amex may see a bump to its bottom line, as much as $1 million a month, because the loss of the QQQ will give it a larger split of market data fees from the switch.
The paper said the talks to move the QQQ ahead of the July deadline are ongoing, however, and could fall apart. |
