As the WorldCom and Tyro scandals were emerging in the spring of 2002, the exchange issued a new set of governance standards that all companies had to meet to be listed on
the Big Board. They included requiring a majority of independent directors, the creation of mandatory governance and nominating committees, and executive sessions without the presence of the CEO.
The first black-owned company listed on
the Big Board was BET Holdings Inc., the parent of Black Entertainment Television.
Nasdaq Stock Market is the second-largest venue for US listings after
the Big Board.
In addition to market capitalization benchmarks, shares exchanged on
the Big Board must trade above $1 over a consecutive 30-day period.
The Big Board's quest to become a player in the derivatives business shows how global and competitive the market for these complex financial instruments has become.
Did anyone stop to analyze what might have happened to
the Big Board if Grasso had played technology the wrong way, or if he had failed to lead a rebound from the devastation of the terrorist attacks?
Tyco, the most active stock on
the Big Board, rose 72 cents to $16.77, bouncing back after a rout on Monday, when it tumbled almost 27 per cent.
Catherine Kinney, a member of
the Big Board's Office of the Chief Executive, sat with Managing Editor Ellen M.
And while the NYSE has said it's ready for decimalization, industry observers think it's highly unlikely
the Big Board will make the change on its own.
The Big Board said in a release Thursday it would apply to the U.S.
Sprecher - who built ICE largely on successful acquisitions - is now a critical part of Greifeld s possible plan to break up Deutsche Boerse s friendly takeover of
the Big Board parent.
McClatchy said it had been notified on April 14 by the NYSE that it was not in compliance with listing standards since its market capitalization for 30 consecutive days was below
the Big Board minimum of $75 million.
NYSE Group Inc., the holding company of the NYSE, began trading at
the Big Board on Wednesday.
About 1.11 billion shares changed hands on
the Big Board and 1.76 billion on Nasdaq.
In confirming the NYSE's commitment to technology, Grasso is often quoted as saying: "Technology isn't simply a supportive tool, it's a strategic weapon." Through 2000,
the Big Board has spent S2 billion on technology, with similar spending levels likely to occur during the years ahead.
