The enhancements to our program continue our commitment to an efficient, transparent auction marketplace, with integrity and investor protection as our foremost priorities.
At the same time, the Amex has preserved the flexibility we need to continue to serve the capital markets in the unique role that we play as the only value-added auction marketplace with a component of its business specifically focusing on small and middle market companies. In a rapidly changing economy, and increasingly complex market and capital environment, our unique role is more critical than ever.
The auction market trading environment at the American Stock Exchange provides clear and distinct advantages over alternative markets. In particular, as it relates to small and middle market companies, the specialist auction system provides for a confluence of order flow and deeper liquidity, critical elements in maintaining a more orderly, less volatile trading environment. Investors also benefit from the increased levels of regulatory oversight and disclosure requirements inherent in our marketplace as opposed to the Over The Counter Bulletin Board.
As the GAO reported, the Amex has taken steps to strengthen and enhance its listings program. Specifically, we have already implemented, in large part, the recommendations in Congressman Dingell's letter.
Specifically, the Amex has:
- increased staffing and technical resources committed to the listings program;
- implemented enhanced regulations governing new and continued listings; and
- improved management oversight and review processes.
