The amendment to NASD Rule 11890 was approved by the Board on March 15, 2001, and grants senior Nasdaq officers the authority to extend the deadline until 6:00 p.m., Eastern Time (ET) on the date the transaction occurred. Extraordinary circumstances mean that it is impractical to limit the period for filing for a review to 30 minutes because the burden of identifying the transactions and other required information is such that it would place unique hardship on the member seeking the review.
"The amendments are consistent with Nasdaq’s mandate to promote just and equitable principles of trading," said J. Patrick Campbell, President of Nasdaq U.S. "The rule enhancements provide us with greater opportunities to review transactions to determine whether any are clearly erroneous—thereby strengthening the quality of The Nasdaq Stock Market."
A decision by a Nasdaq senior officer to extend the deadline is not an indication that Nasdaq is inclined to declare one or more transactions clearly erroneous. Each transaction that is submitted will be reviewed to determine whether it is clearly erroneous.
Nasdaq staff has been authorized to submit the appropriate filings with the Securities and Exchange Commission as necessary to effectuate the amendment.
The Nasdaq Stock Market lists nearly 4,700 companies, has a larger dollar volume, and trades more shares per day than any other U.S. market. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or the Nasdaq NewsroomSM at www.nasdaqnews.com.
