Nasdaq Stock Exchange

View items on your mobile phone

From MBA think tank Encyclopedia(http://mbapedia4.com/sbdm/wiki/)

NASDAQ logo

Nasdaq Stock Exchange

catalogue

About the name of NASDAQ

  • Full name:National Association ofSecurities Dealers Automated Quotations
  • english:National Association of Securities Dealers Automated Quotations 
  • English abbreviation:NASDAQ
  • abbreviation:NASDAQ
  • Taiwan translation:NASDAQ

The word 'NASDAQ' is used to use 'NASDAQ', which takes the initial letter of the National Association of Securities Dealers Automated Quotation.

Recently, the writing method of taking the initial letter has been gradually weakened, andNasdaqIs used as a synonym for the Nasdaq stock market.

Introduction to NASDAQ

Information andService industryThe rise of gave birth to NASDAQ. Nasdaq was founded in 1971 and is a fully adoptedElectronic transaction, forEmerging industriesProvide a competitive stage, self-regulation and globalstock market。 NASDAQ is the largest electronic stock exchange in the United States and the world.

Nasdaq stock market is the fastest growing market among the major stock markets in the world, and it is the first electronic stock market. More than half of the stocks that change hands in the U.S. market every day are traded on Nasdaq, and the securities of nearly 5400 companies are listed on this market.

In the traditional trading mode, NASDAQ makes it unique compared with other stock markets by applying today's advanced technology and information - computer and telecommunications technology, representing the largest companies in the worldsecurities companyThe 519 brokers are calledMarket maker, they offered 60000 bids and prices on NASDAQ. These large-scale activities consist of a hugecomputer networkProcess and display the best quotation to investors in 52 countries. (including more than 70 computer terminals)

NASDAQ has a variety ofMarket maker, investors trade any stock listed on the Nasdaq market through open competition - buying and selling NASDAQ stocks with their own capital. Such competitive activities and capital supply activities make trading active. The extensive and orderly market and the rapid implementation of instructions provide favorable conditions for large and small investors to buy and sell stocks. All this is different from the auction market. It has a separate designationTrader, or a specific person. This person is designated to be responsible for all transactions of a stock in this market, mix buyers and sellers, and act as a trader when necessary in order to keep the transaction going.

NASDAQ has increased the excellent factors in the trading market and strengthened its trading system. These improvements enable NASDAQ to send investors' orders to other electronic communication networks. It feels as if it has entered a new eraAuction market

NASDAQ Trading Building
enlarge
NASDAQ Trading Building

Nasdaq stock market and listing conditions

The Nasdaq stock market consists of two independent markets:

NASDAQ national market (NNM)

As the largest and most active stock market on Nasdaq, nearly 4400 stocks are listed on the NASDAQ national market. To convert in the NASDAQ national market, the company must meet strict financial, capital and joint management indicators. There are some of the world's largest and best-known companies in the NASDAQ national market.

Listing conditions:

  1. More than 300 shareholders are required.
  2. One of the following conditions is met:
    • Shareholders' equity(net assets of the company) shall not be less than USD 15 million, and the pre tax operating income shall not be less than USD 1 million for at least one year in the last three years.
    • Shareholders' equity(net assets of the company) shall not be less than USD 30 million. Business records of not less than 2 years.
    • The market value of stocks circulating on NASDAQ shall not be less than US $75 million, or the total assets and total income of the company in the current year shall not be less than US $75 million.
  3. Year of yearfinancial statementsIt must be submitted to the securities and Exchange Commission and the company's shareholders for reference.
  4. There must be at least threeMarket makerParticipate in the case (each registered market maker must be able to buy or sell more than 100 shares under the normal purchase and sale price, and must return all shares within 90 seconds after each transactionTransaction priceAnd trading volume return toAmerican Association of Securities Dealers(NASD))。
NASDAQ CEO Robert Greifeld
enlarge
NASDAQCEORobert Greifeld

NASDAQ microcapital market(NASDAQ small cap Market, nscm for short)

NASDAQ is a market for growing companies. More than 1700 stocks are listed in the NASDAQ small capital market. In the NASDAQ listing standard as a small capital level,financial index The requirements are not as strict as the listing standards of the national market, but the standards they jointly manage are the same. listOpening priceMore than $4 must be maintained for 90 days, and then not less than $1, otherwise it will be downgraded tokerb exchangeOn the contrary, if the company operates well and the share price rises above US $5, it can apply to the national market for trading.

Listing conditions:

Unit: USD
condition Initial listing Continuous listing
Net tangible assets① OrTotal market valueOr net income (in the previous fiscal year or two fiscal years in the previous three years) 4 million or 50 million or 750000 2 million or 35 million or 750000
public spread Number ②1 million shares500000 shares
public spread Total market value of5 million1 million
Minimum purchase pricefourone
Market making quotient32
Number of shareholders (trading unit shareholders) ③300300
Total market value of operating history1 year or $50 millionNo requirement

Note: ① Whether it isInitial listingTo be listed continuously, the company must meet one of the following requirements: net assets, total market value or net income.
② Foreign securities andAmerican Depositary ReceiptsNot applicable.
③ The so-called trading unit shareholders are shareholders who hold 100 shares or more of the company's shares.

At the beginning of its establishment, NASDAQ aimed at small and medium-sized enterprises, but only because the scale of enterprises has become larger and larger with the changes of the times, so today, NASDAQ has divided itself into one“Main board Market”And a "small and medium-sized enterprise market".

Non OTC market

Nasdaq Stock Exchange and American OTC market(OTC)Counter Bulletin Board(OTCBB)There are obvious differences between quotation systems. Although they are managed by the National Association of securities dealers (NASD). OTC securities are those that are not listed on NASDAQ or any domestic securities exchange. OTCBB is a quotation medium, which displays the real-time quotation, recent transaction price and trading volume of OTC listed stocks. OTCBB securities include domestic, regional and foreign officially issued vouchers, documents and U.S. entrusted collection documents. OTCBB is a quotation medium for agreed members, rather than a service for listing and issuance. It can not be confused with NASDAQ or the U.S. stock exchange. OTCBB securities are traded by the Committee of market makers, and quoted and returned through a highly complex and closed computer network. All this is achieved through the NASDAQ workstation. Nasdaq stock market and those inOTCBB MarketThe issuers on the have no business contact, and these companies have no document or report requirements with Nasdaq stock market Co., Ltd. or the National Association of securities dealers.

Nasdaq market maker system

NASDAQ has its ownmarket maker , they are independent stock dealers who undertake the buying and selling of a stock for investors. This institutional arrangement for thosemarket valueLower and less traded stocks are particularly important. These market makers are members of NASD, which is different fromTSEofsponsor The composition is consistent. For every stock listed on Nasdaq, at least two or more market makers must quote for its stock. For some large-scale and actively traded stocks, there are often 40-45 market makers. These market makers includeMerrill LynchGoldman SachsSolomon brothersAnd other world-classinvestment bank。 NASDAQ is now increasingly trying to make the market through this market maker systemlisted companyStocks can be traded at the best price while protecting the interests of investors.

NASDAQ also has strong strength in market technology. It adopts efficient "electronic trading systems" (ECNs) and has installed 500000 computer terminals all over the world to dealers, fund managers and investors in all corners of the worldagentTransmit comprehensive quotations and the latest trading information of more than 5000 securities. Due to the adoption of computerized trading system, NASDAQ has low management and operation cost and high efficiency, which increases the openness, liquidity and effectiveness of the market. In contrast, the requirements for listing on NASDAQ are the most stringent and complex. At the same time, due to its great liquidity, the preparation work required for listing on this market is also the heaviest.

NASDAQ China Listed Company

Related entries

This item is helpful to meseventy-eight
Reward
MBA think tank app

Scan and download the MBA think tank app

Share to:
  If you think this item needs to be improved and need to add new content or modify wrong content, pleaseEdit entry

Comments (6 in total)

Tip: the content of the comment is the user's comment on the item“Nasdaq Stock Exchange"The discussion has nothing to do with our views and positions.
58.241.135. * published at 15:34 on December 18, 2012

What does "downgrade to OTC Bulletin Board" mean?

Reply to comments
119.50.44. * published at 15:26 on April 18, 2013

Would like to ask whether Liaoning dingxu is listed on NASDAQ

Reply to comments
123.62.8. * published on May 26, 2013 at 23:07

Incomplete list of Listed Enterprises

Reply to comments
114.228.114. * published at 10:07 on May 30, 2014

How long does it usually take for NASS to be officially listed and traded? Thank you

Reply to comments
Yi Bingqian(Talk| contribution)Published at 21:55 on June 14, 2014

123.62.8. * published on May 26, 2013 at 23:07

Incomplete list of Listed Enterprises

You can click Edit yourself

Reply to comments
101.87.240. * published on February 29, 2016 at 07:20

When was mhdg launched?

Reply to comments

CommentPlease surf the Internet in a civilized way, speak rationally and abide by relevant regulations.

Open app

The above content is automatically sorted and generated according to the recommendation of netizens

Min Gong Wang an Bei No. 35020302032707