Essay - Anniversary of Nasdaq We Are Looking to This Next Phase...

Anniversary of NASDAQ

We are looking to this next phase with great excitement as we recently celebrated the 30th

Anniversary ***** NASDAQ's commencement of operations on February 8, 1971. We are now proceeding with our plans to develop an integrated order display facility - SuperMontage - that will form ***** backbone of our market ***** we transform NASDAQ into a n*****tional securities exchange. With this in mind, we would like to review briefly the role and contribution ***** NASDAQ, as an exclusive processor and consolidator of ***** information, its operational reliability, and its leadership in reducing market ***** fees." (NASDAQ)

This w***** ***** in 1971 talk*****g about market data. Market Data is a resource allowing exchanges to define clarify ***** publ*****h all obligations and requirements covered by their exchange contracts. The result of this activity is a searchable database of plain language (***** agreed upon) statements ***** exchange/information provider market data policies. The objective is to ensure that ***** vendors, re*****distributors and end-users underst***** and have consistent interpretations of the policy and contractual requirements of ***** on a glob*****l basis. ***** data is a critic*****l factor of production and essential for decision-making, firms are ***** ***** to rationalize ***** purchases, implement more efficient inventory control procedures and improve old and manual administrative processes. These old administrative processes are the ***** of changes in the distribution environment *****in ***** industry, the uncoordinated evolution of market data ***** ***** the normal gap that exists bet*****en changes in distribution and market data policies. (Mangan, 2002)

The rules related to ***** use of market data ***** governed by contracts that are by nature subject ***** interpretation. Understanding and translating the complex ***** of multiple ex***** is not a simple process. Differences in interpret*****tion ***** ***** lack of cons*****tency among ***** and downstream re-distributors are contrary to the goals of simplicity, clarity and precision required for ***** data management in ********** ***** *****. There are many problems that have to be overcome to implement ***** policy. Problems such as the practical implications of the contracts. The contracts ***** legal documents ***** do not *****ten spell out how the ***** are to be implemented or how ***** address the wide variety of real-life situations encountered ***** vendors and client firms. There is a*****her problem regarding the *****, which is 'old contracts/new ********** beca***** contracts are complex documents that are difficult to negotiate. As such, *****y have a multi-year life span ***** do not always address evolving technologies, special situations, or creative new application environments. There can be conflicts of interpretation. The contractual rights and obligations are ***** to ***** and result in occ*****ional conflicts -- particularly as they relate to new technological environments ***** application situations. On many organizations, there often ***** a ***** communication cha*****. The compliance activities often involve ***** organizations and numerous people within those organizations -- *****, entitlement systems, billing ***** reporting, IT/*****ment, and sales ***** who all need to *****and the practical side of market data rules. The lack of knowledge,