The Nasdaq Stock Market (NasdaqGS:NDAQ) today unveiled the expansion of its Select Market Maker Program for issuers to New York Stock Exchange (NYSE)-listed companies.
The program will bring NYSE-listed companies and the NASDAQ market making community together, while providing companies access to utilize NASDAQ's Market Intelligence Desk (MID) and proprietary NASDAQ Online (NOL) at no cost. The Select Market Maker Program, which was launched in July, is focused on providing issuers with direct access to market information from market participants.
"As we speak with NYSE-listed companies about the value of their listing and as a result of the growing trend of NYSE-listed securities trading on the NASDAQ platform, it is becoming clear that there is a lack of information and resources on their trading," commented Bruce Aust, Executive Vice President of NASDAQ's Corporate Client Group. "MID professionals assist NASDAQ companies today by partnering them with market makers and granting them access to daily critical market reports and NASDAQ Online services. As a result, we decided to offer the same personalized market tools to NYSE-listed companies. We have facilitated numerous market marker conversations with NASDAQ-listed companies since its launch in July, and we are delighted to extend this offering to NYSE-listed companies."
"Given the closing of certain NYSE specialist firms on the floor and other recent market developments, NYSE-listed companies are in need of additional liquidity and access to market information," commented Chris Concannon, Executive Vice President of NASDAQ's Transaction Services. "For the month of October, the participation rate for the NYSE specialists was at an all time low of 2.7%, while NASDAQ's total reported market share in NYSE-listed stocks was at a record high of 37.4%. Our access to the market making community and the Select Market Maker Program allows us to marry those issuers that have lost their specialists with the true liquidity providers in their stocks."
NASDAQ Online is a strategic equity management and decision-making tool helping to manage investor relations functions as well as to understand how your stock is perceived in the marketplace. With a personal user name and password, NASDAQ-listed companies have access to critical information anytime they need it. This service will be extended to NYSE-listed companies.
NASDAQ Market Intelligence Desk is designed to provide management with a complete understanding of the factors that drive stock performance. The market experts on the desk serve as a primary point of contact providing insight into unusual trading activity and helping management understand how and why specific order-flow affects their stock on a real-time basis. The MID also publishes a daily report on your stock trading.