CalPERS Issues Statement On Dual NYSE/NASDAQ Listing Of Companies

Sean Harrigan, President of the California Public Employees' Retirement System (CalPERS) Board of Administration, issued the following statement today regarding the recent announcement that six companies on the New York Stock Exchange (NYSE) will list their shares on the NASDAQ stock market:

"As one of the nation's largest investors, I want to commend these six companies and the NASDAQ for their decision to list these stocks on the NASDAQ and the NYSE. This is an excellent market response to the debate over the specialist system versus an automated system. I believe investors will benefit from this competition by seeing improved liquidity, better execution, and greater transparency. I would encourage other CEOs and their Boards to examine the option of dual listing on both exchanges. It is our hope that the regulatory authorities will further improve the efficiency of the markets by eliminating the trade-through rule."