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SMALL BUSINESS
Nasdaq OMX Group to start new listing market
AP
NEW YORK -Exchange company Nasdaq OMX Group Inc. said Wednesday it will establish a new listing market called "BX" for companies that don't currently qualify for exchange listing.
The move is dependent on Securities and Exchange Commission approval.
"BX will be a modern venue for companies that aspire to list on, or return to, The Nasdaq Stock Market," Nasdaq OMX said. "While BX will have basic quantitative listing standards, the exchange will require companies to comply with many of the qualitative requirements for listing on Nasdaq and other securities exchanges."
Nasdaq OMX said companies who qualify for BX will need to meet significant qualitative listing requirements including having at least three independent directors, a fully independent audit committee and an independent process for oversight of executive compensation decisions.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-14 18:41:51
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