Talk:NASDAQ

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[edit] Recent Page Move

Why was this moved? Was simply "NASDAQ" deemed to easy for our readers? Nelson Ricardo 00:20, Apr 25, 2005 (UTC)

I moved it back. "NASDAQ" is the common name and where it should be. —Mulad (talk) 05:17, May 21, 2005 (UTC)

[edit] Recent changes

Reading the Quick Facts section and others, they sound like an advertisement for Nasdaq, talking it up. " A world-renowned market and world-class competitor, NASDAQ is supported by diversified business lines with the goal of providing exceptional value to the marketplace and significant opportunities to the company with the highest regulatory integrity." - puh-leeze

I had a look at the history and most of these changes were made from 206.200.254.205 - that IP is within Nasdaq's domain itself. I'm all for max information in Wikipedia but the way this article is worded is a bit odd. I'm not going to change anything right now, just pointing it out for discussion purposes.

Looking at the individual changes, it seems that certain facts or observations were removed that a reader may find interesting but that perhaps Nasdaq doesn't like. I believe that corporate bias has affected this article.

I noticed this too. It's quite obviously marketing copy from Nasdaq. I'd be all for changing it back. Bewildebeast 12:12, 1 Jun 2005 (UTC)
Gone. Obscene. It didn't even mention anything not already in the article. B. Phillips 2 July 2005 06:52 (UTC)

[edit] Index Calculation

Maybe someone can explain the index calculation more precisely? Thanks, Abdull

[edit] Hours that the exchange is open

My impression from popular culture is that the NASDAQ is only open during certain hours of the day, and only on weekdays? I've been having trouble finding information about this on Wikipedia, but it seems relevant to the article. I'd be particularly interested in finding out how after-hours trading works; I've heard the term a lot, but I can't find an article about it. -- Creidieki 04:41, 9 October 2005 (UTC)


NASDAQ is open for trading during "normal US market hours" like the AMEX and NYSE. 6:30AM - 1PM Pacific (9:30AM - 4PM Eastern). It is closed on weekends and US federal holidays. [[1]] After hours trades are provided by ETCs such as Archipelago. I don't know where you'd put that in the article - I'll leave that up to someone else. Matt 06:19, 18 January 2006 (UTC)


Nasdaq, along with the NYSE and other U.S. national and regional exchanges is also closed on "Black Friday" or Good Friday for superstitious reasons since the 2nd crash of the 1930's. Stevenmitchell 22:58, 14 July 2006 (UTC)

I'm not comfortable making the change myself, but the market is online as of 7am and goes offline at 8pm. Orders can be taken in any symbol that's available on other ECNs; and obviously things pick up while the other major markets (NYSE, AMEX) are open from 9:30 to 4:00pm. Hope that helps sort things out. Sam 13:49, 26 October 2006 (UTC)

[edit] Naming convention for Companies and Businesses

I just wanted to draw attention and comment to on a draft poll to determine naming convention for companies and businesses. I have looked around a number of places and have only seen comments to the effect of "we should have a convention" or "do we have a convention" on how to name a XXX company. This has either the effect of drawing a few uninterested comments or a stirring up a heated debate. In either case the net result is generally zero. Your comments to help clarify this poll and later corresponding vote would be greatly appreciated. --Reflex Reaction (talk)• 20:11, 1 February 2006 (UTC)

[edit] Wikipedia:Naming conventions (companies)/poll

Voting has begun and will continue until March 5. Please resolve this lagging issue. --Reflex Reaction (talk)• 22:39, 10 February 2006 (UTC)

[edit] OTC and Curb exchange?

Should this article not have a section in "history" about the NASDAQ as successor to the Over the Counter and the "Curb Exchange" systems of trading?

Hello Unknown
Again an unsigned conribution. But I fully accept the request and would be able to contribute as a foreigener working in all this at the time concerned. Please note my two contributions here in discussion. To quite an extent I would be able to write this possibly necessary addition. But why do you want this addition and who are you ?
I had so far some really negative experinces with wikipedia and I decided not to produce articles or additions anymore. This because of vandalism.

Ruedi Walt 01:57, 8 February 2007 (UTC)

[edit] Move from Washington DC to NYC

Should this article mention the NASDAQ move from Washington DC to NYC in 2001? Since NASDAQ is relatively new as a marketplace, it seems there should be an expanded history section, also including their ownership of the American Stock Exchange. There seems to be a substantial amount of information missing from this article. Stevenmitchell 05:53, 15 July 2006 (UTC)

[edit] copyvio in Indices section

The "Indices" section of this article seems to be copied from http://dynamic.nasdaq.com/reference/IndexDescriptions.stm Is that copyvio? In any case, it does not seem to improve upon the readability over the original web page to simply copy it verbatim to wikipedia. (fyi, that text was originally inserted on 3 May 2005) -- Bovineone 20:03, 3 December 2005 (UTC)

Due to lack of response, I've flagged the article copyvio. Bovineone 06:06, 13 March 2006 (UTC)
Smooth move. Rather than get rid of valid content, you should only have removed/tagged the section in question! —Joseph/N328KF (Talk) 13:06, 13 March 2006 (UTC)'

==Indices== Indices of The Nasdaq Stock Market The following common type securities are eligible for index inclusions. There is no distinction between either the NASDAQ National Market vs. the NASDAQ SmallCap Market, or domestic US vs. Non-US securities. Security Class *American Depositary Receipts (ADRs) *Common *Limited Partnership Interests *Ordinary Shares *Real Estate Investment Trusts (REITs) *Shares of Beneficial Interest (SBIs) *Tracking Stocks The following issue types are not eligible for inclusion in the indices: closed-end funds, convertible debentures, exchange traded funds, preferred stocks, rights, warrants, units and other derivative securities. ===NASDAQ-100 Index=== The [[NASDAQ-100]] Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain financial companies including investment companies. The NASDAQ-100 Index is calculated under a modified capitalization-weighted methodology. The NASDAQ-100 trades as an [[Exchange-traded fund]] under the symbol {{nasdaq|QQQQ}}. On January 31, 1985, the NASDAQ-100 Index began with a base of 250.00. On January 1, 1994, the NASDAQ-100 base was reset by division of a factor of 2.00 to 125.00. ===NASDAQ Financial-100 Index=== The NASDAQ Financial-100 Index includes 100 of the largest domestic and international financial companies listed on The NASDAQ Stock Market based on market capitalization. They include companies classified by the [[Industry Classification Benchmark|Industry Classification Benchmark (ICB)]] as Financials, which are included within the NASDAQ Bank, Insurance and Other Finance Indexes. On January 31, 1985, the NASDAQ Financial-100 Index began with a base of 250.00. ===NASDAQ Composite Index=== The NASDAQ Composite Index measures all NASDAQ domestic and international based common type stocks listed on The NASDAQ Stock Market. Today the NASDAQ Composite includes over 3,000 companies, more than most other stock market indices. Because it is so broad-based, the Composite is one of the most widely followed and quoted major market indices. On February 5, 1971, the NASDAQ Composite Index began with a base of 100.00. ===NASDAQ National Market Composite Index=== The NASDAQ National Market Composite Index is a sub-set of the NASDAQ Composite Index, and consists of all companies included in the NASDAQ Composite Index which are listed on the NASDAQ National Market tier of The Nasdaq Stock Market. On July 10, 1984 the NASDAQ National Market Composite Index began with a base of 100.00. ===NASDAQ Bank Index=== The NASDAQ Bank Index contains NASDAQ listed companies classified according to the [[Industry Classification Benchmark|ICB]] as Banks. They include banks providing a broad range of financial services, with significant retail banking and money transmission. On February 5, 1971, the NASDAQ Bank Index began with a base of 100.00. ===NASDAQ Biotechnology Index=== The NASDAQ Biotechnology Index contains companies that are classified according to the [[Industry Classification Benchmark|ICB]] as either biotechnology or pharmaceutical which also meet other eligibility criteria. The NASDAQ Biotechnology Index is calculated under a modified capitalization-weighted methodology. On November 1, 1993, the NASDAQ Biotechnology Index began with a base of 200.00 ===NASDAQ Computer Index=== The NASDAQ Computer Index contains NASDAQ listed companies classified according to the [[Industry Classification Benchmark|ICB]] as Computer Hardware, Semiconductors, and Software & Computer Services. They include firms that manufacture and distribute computers and associated electronic data processing equipment and semiconductor capital equipment, manufacturers and distributors of wafers and chips, providers of computer services and IT consultants, Internet access providers, internet software and on-line service providers, and producers and distributors of computer software. On November 1, 1993, the NASDAQ Computer Index began with a base of 200.00. ===NASDAQ Industrial Index=== The NASDAQ Industrial Index contains NASDAQ listed companies not classified in one of the NASDAQ sector Indexes. These include firms that are involved in mining, oil and gas, chemicals, construction and building materials, forestry and paper, steel and other metals, aerospace and defense, diversified industrials, electronic and electrical equipment, engineering and machinery, automobiles and parts, household goods and textiles, beverages, food producers and processors, health, personal care and household products, tobacco, general retailers, leisure and hotels, media agencies, photography, publishing and printing, support services, food and drug retailers, electricity, utilities, and biotechnology and pharmaceutical firms not included in the NASDAQ Biotechnology Index. On February 5, 1971, the NASDAQ Industrial Index began with a base of 100.00. ===NASDAQ National Market Industrial Index=== The NASDAQ National Market Industrial Index is a sub-set of the NASDAQ Industrial Index, and consists of all companies included in the NASDAQ Industrial Index which are listed on the NASDAQ National Market tier of The Nasdaq Stock Market. On July 10, 1984 the NASDAQ National Market Industrial Index began with a base of 100.00. ===NASDAQ Insurance Index=== The NASDAQ Insurance Index contains NASDAQ listed companies classified according to the [[Industry Classification Benchmark|ICB]] classification system as Insurance or Life Assurance. They include insurance brokers, non-life insurance, re-insurance, other insurance, and life assurance. On February 5, 1971, the NASDAQ Insurance Index began with a base of 100.00. ===NASDAQ Other Finance Index=== The NASDAQ Other Finance Index contains NASDAQ listed companies classified according to the [[ICB]] classification system as Investment Companies, Real Estate, Specialty and Other Finance, or Investment Entities. They include real estate holding and development, property agencies, asset managers, consumer finance, investment banks, mortgage finance, other finance including financial holding companies, security and commodity exchanges, and other financial companies. On February 5, 1971, the NASDAQ Other Finance Index began with a base of 1000.00. ===NASDAQ Telecommunications Index=== The NASDAQ Telecommunications Index contains NASDAQ listed companies classified according to the [[ICB]] classification system as Television, Radio & Filmed Entertainment, Subscription Entertainment Networks, and Telecommunications Services and Equipment. They include independent radio and television contractors, film production, providers of television, media services and programming facilities including those driven by subscription, operators of wireless and fixed-line telecommunication services, and manufacturers and distributors of digital equipment used in telecommunication. On November 1, 1993, the NASDAQ Utility Index was renamed the NASDAQ Telecommunications Index. The former NASDAQ Utility Index was reset to a base of 200.00, using a factor of 5.74805. ===NASDAQ Transportation Index=== The NASDAQ Transportation Index contains NASDAQ listed companies classified according to the [[ICB]] classification system as Transport. They include firms that provide air, rail, road, freight, and water transport and their related facilities and services. On February 5, 1971, the NASDAQ Transportation Index began with a base of 100.00. ===NASDAQ Index Calculation Description=== All NASDAQ Indices are market value weighted except the NASDAQ-100 Index which is weighted using a modified market capitalization method. The representation of each security in the Index is proportional to its last sale price times the total number of shares outstanding, relative to the total market value of the respective index. The formula used for determining the Index values is as follows: Index Level = Current Market Value Adjusted Base Period Market Value X Base Value Adjusted Base Period Market Value = Current Market Value After Adjustments Current Market Value Before Adjustments X Previous Base Period Market Value The level of an Index will only change as a result of price changes occurring between the opening and closing of the market. Adjustments for securities being added to or deleted from The Nasdaq Stock Market, Inc., or capitalization changes, are adjustments which take place during the system maintenance process which occurs after the market has closed. These adjustments will result in value changes to the current market value and adjusted base period market value, but will not in and of themselves alter the level of an Index. Stock splits and stock dividends are likewise adjusted for during the system maintenance process. However, the system makes a price adjustment to account for the increased number of shares with the result being that the current market value does not change. As an example, assume that ABC Corp. has 1,000,000 shares outstanding with a last sale price of 20 (market value - $20,000,000) The company has declared a 2 for 1 stock split. During system maintenance on the day prior to the effective date of the split, the system will adjust the shares outstanding to 2,000,000 and will correspondingly adjust the price to 10. Result, the same current market value of $20,000,000. In the case of cash dividends, no system adjustment is made. Neither the Current Market Value nor the Adjusted Base Period Market Value is adjusted to reflect cash dividends. The index formula relies on market forces to determine the level of the Index. ===America's Community Bankers NASDAQ Index=== The America's Community Bankers NASDAQ IndexSM is a market-value weighted total return index made up of a broad diversity of community based financial institutions. Unlike other NASDAQ indexes, the America's Community Bankers NASDAQ Index is calculated once a day as a total return index, which means that companies' dividends will be reinvested and included in the index value. The eligibility criteria and constituents of the America's Community Bankers NASDAQ Index are provided by America's Community Bankers (ACB). For further details, please visit the [http://www.acbankers.org America's Community Bankers Web Site.]

Prior to flagging copyvio, I had checked with the official Wikipedia:Copyright problems policy and it does not provide any exceptions for cases where only specific sections are believed to infringe. The entire article may in fact need to be reviewed under scrutiny, including contributions by that user, since other portions may also be in violation. Leaving the copyvio tag on the article is intended to provide that opportunity for closer review by a wider group of others with copyvio-experience, since no one was able to respond to my original message 3 months ago. -- Bovineone 18:02, 13 March 2006 (UTC)
It's a judgement call. All you need to do is look at the edit log to figure this one out. It is silly to throw out tons of good and valid edits because of one cheesy section. —Joseph/N328KF (Talk) 18:14, 13 March 2006 (UTC)

The entire index is copied from the Nasdaq posting. I doubt if it would have any value to someone that is inexperienced with the market, without an accompanying explanation. Of course, aside from the issue of it being a copyright violation. Joseph, the reference to the "index" Bovineone is making has not been edited and as a posting would just confuse Wikipedia users. If anyone has edited it, it served no purpose. Stevenmitchell 23:09, 14 July 2006 (UTC)

[edit] Help: ADF article

I've been bold. From the UK, I've edited a short article on Alternative display facility that I only saw as a Random pick - because it didn't make sense to me. It seemed to confuse an electronic facility with a self-regulatory organization. Can the Friends of NASDAQ straighten it out for me if I've got it wrong?? --Mereda 18:50, 22 May 2006 (UTC)

[edit] What is spread?

The articles makes a reference to the "spread" and how useful NASDAQ was to reduce it. But, what is it exactly? I'm from Spain and have no idea and I thought a lot of other people either. Couldn't somebody provide information about it? Thank you. Hagiographer 07:12, 16 August 2006 (UTC)

Hello Hagiographer
A spread is the difference between bid (the price someone is willing pay) and ask (the price a holder wants). A cleaver dealer was able to use this difference as his commission, as for "curb dealing" there were no commissions chargeable. This was the profession of so called OTC dealers (see also Pink Sheets). To make profit and a living a lot of inside knowledge was required. And should you ever hear: do not confuse "spread" with "mark up", a totally different matter in this market at around 1970.
Best regards Ruedi Walt 00:59, 8 February 2007 (UTC)

[edit] How are Trades Executed?

Can someone explain how trades are executed on the Nasdaq? I had a professor recently that said orders are communicated electronically to the firm who's stock is being traded and, there a marketmaker matches buy/sell orders. That doesn't sound right. I thought the Nasdaq was a completely automated electronic trading system.

Not sure how long back this is, but provide your account and I'll chat with you about it.

Hello, I miss identification.
As your question is interesting for all users and I was involved in dealing with NASDAQ at opening: it started with about 200 securities (of apx. 10'000 listed in the Pink Sheets). Initially only with listing bid/ask and volume of each. I was on the phone with around 15 securities on the screen to deal with. Rule one: first come first served. Rule two: do not pick up a phone before you see the change onscreen for the deal you just effected. Because there was for years no real time clearing. Your question might really concern orders "at open". These naturally here never were matchabels and OTC dealers are not requested to do so in contrast to NYSE and other markets. It was simply impossible to match: see two rules above and accepted by NASD developping NASDAQ (since 1968). Please remember that sometimes even NYSE is unable to match and no trading is permitted. If today matchup rules are followed is unknown to me, I left this business 1975.

Ruedi Walt 01:38, 8 February 2007 (UTC)

[edit] Timeline Cleanup

This needs to be moved off the main page or drastically curtailed; there's far too much information and it's not prioritized enough, with minor points overcrowding the essential information. 207.245.182.161 16:56, 11 December 2006 (UTC)

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