We have yet to receive full details of NASDAQ’s plan. However, we believe it would be wholly inconsistent with fair practice and an undue burden on competition to allow NASDAQ to use pricing and other machinations as a guise for fairly compensating those impacted by the Facebook IPO issues. Such a tactic would potentially strongly incent customers to divert order flow to NASDAQ in order to receive compensation to which they are entitled, and allow NASDAQ to reap a benefit from market share gains they would not have otherwise received. This is tantamount to forcing the industry to subsidize NASDAQ’s missteps and would establish a harmful precedent that could have far reaching implications for the markets, investors and the public interest. We intend to strongly press our views that NASDAQ’s proposal cannot be allowed to permit an unjust and anti-competitive situation.
FTSE Mondo Visione Exchanges Index:
NYSE Euronext Statement On NASDAQ OMX Announcement
Date 06/06/2012