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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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From: TFF11/9/2004 6:18:19 PM
   of 12617
 
QQQ finds new home on Nasdaq

One of the most actively traded tracking stocks will move from the struggling Amex on Dec. 1.
November 9, 2004: 9:17 AM EST


NEW YORK (Reuters) - Nasdaq Stock Market Inc. said Tuesday the Nasdaq-100 tracking stock, known as the QQQ, would transfer to its market from its current listing on the American Stock Exchange, effective Dec. 1.

The Nasdaq said the index's new trading designation would be "QQQQ."

"The QQQ grew and matured into the well-recognized product it is today while at the Amex," Salvatore Sodano, the Amex's chairman and chief executive officer, said in a statement. "We wish the QQQ well at its new home."

The Amex originally held a license to trade the QQQ on its market until June 2005 but recently reached a mutual agreement with the No. 2 U.S. stock market to amend the original terms to allow the index to be recalled earlier.

According to the Nasdaq, the Amex will be allowed to trade the QQQ on "an unlisted trading privileges basis."

The QQQ is one of the most actively traded exchange traded funds (ETFs) in the United States, and its early migration to the Nasdaq would appear to be a blow to the struggling Amex.

The Amex, which ranks a distant third in U.S. exchanges behind the New York Stock Exchange and the Nasdaq, has a dominant market share in ETFs. However, the exchange has seen its cachet decline steadily amid complaints by some market participants over its lack of technological prowess.

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