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The Market Markets National Association of Securities Dealers, Inc. 1998 Inc. National AssociationofSecuritiesDealers, T R O P E R L U A N N D A N A S 1 9 9 8 THE MARKET OF MARKETSSM © 1999, National Association of Securities Dealers, Inc. All rights reserved. NASD is a registered service mark of the National Association of Securities Dealers, Inc. Market of Markets is a service mark of the National Association of Securities Dealers, Inc. American Stock Exchange and Amex are registered service marks of the American Stock Exchange, LLC. Nasdaq, Nasdaq-100 Index, Nasdaq Composite, and The Nasdaq Stock Market are registered service marks of The Nasdaq Stock Market, Inc. MarketSite, Research And Data Analysis Repository (RADAR), SelectNet, StockWatch Automated Tracking (SWAT), The Nasdaq-Amex Market Group, and Nasdaq-Amex are service marks of The Nasdaq Stock Market, Inc. NASD Regulation is a registered service mark of NASD Regulation, Inc. NASDR and Order Audit Trail System (OATS) are service marks of NASD Regulation, Inc. Central Registration Depository (CRD) is a service mark of the NASD and the North American Securities Administrators Association, Inc. (NASAA). ORIGIN PROFILE The National Association of Securities Dealers, Inc. The NASD is the largest securities-industry self-regulatory (NASD®) was organized under the 1938 Maloney Act amend- organization in the world. It is the parent organization of The ments to the Securities Exchange Act of 1934 to address the Nasdaq-Amex Market Group, Inc., which operates Nasdaq® U.S. securities industry’s need for self-regulation. and the American Stock Exchange® (Amex®) together under The Maloney Act authorized the U.S. Securities and one corporate umbrella. The NASD oversees the activities of Exchange Commission (SEC) to register voluntary national the U.S. broker/dealer profession and regulates Nasdaq, Amex, associations of broker/dealers for the purpose of regulating them- and the over-the-counter securities markets. selves under SEC oversight. Every U.S. securities firm trans- The NASD sets the organization’s strategic direction and acting business with the public is currently required by law to be policy agendas with a view toward the fulfillment of statutory an NASD member. and self-regulatory obligations. The Nasdaq-Amex Market NASD’s founding mandate was to standardize the securities GroupSM develops and operates marketplace systems and services industry’s principles and practices, to promote high standards of and formulates market policies and listing criteria. Nasdaq and commercial honor, to advance just and equitable principles of trade Amex operate separately under a dual market structure that sets for investor protection, to adopt and enforce fair practice, and to the stage for the future, providing technological innovation, foster member observance of federal and state securities laws. resources, and increased operating efficiency to provide benefits The NASD, taking direction from the SEC in 1963, adopted to investors, companies, and member firms of all sizes. NASD as another tenet of its self-regulatory mandate, the promotion of Regulation, Inc. (NASD RegulationSM) carries out NASD’s capital formation by developing, operating, and regulating fair regulatory functions, including on-site member firm examina- and efficient securities markets. The Nasdaq Stock Market® was tions, automated market surveillance, and disciplinary actions founded in 1971 to fulfill this mandate. against broker/dealers and their professionals. OUR MISSION is to facilitate capital formation by CONTENTS creating the markets of choice — 1998 Highlights 2 Letter from the Chairman 4 operated and regulated to achieve The Market of Markets 6 the most liquid, cost-efficient, Global Reach 8 Premier Companies 10 technologically advanced, and fair Innovative Products 16 Unparalleled Technology 18 securities markets in the world — Investor Protection 22 Board of Governors 24 for the benefit and protection 1998 Statistical Highlights 26 1998 Financial Information 27 of investors. 1999 Boards and Committees 49 Corporate Officers 52 Office Locations 55 On the Internet 57 1 1998 HIGHLIGHTS NASDAQ-AMEX: LEADERSHIP IN CAPITAL FORMATION In a historic combination, NASD united with the American Stock Exchange on October 30, 1998. The Nasdaq-Amex Market Group is the first step in the Market of Markets vision to create the world’s most technologically advanced trading network, delivering better products at lower cost. 2 Nasdaq-Amex Volume Growth dollar (in billions) share volume volume 8000 250 7000 6000 200 5000 4000 150 3000 2000 100 1000 0 50 1994 1995 1996 1997 1998 I Dollar Volume I Share Volume Nasdaq-Amex: Leadership in Capital Formation Based on Nasdaq and NYSE statistics, Based on Nasdaq and NYSE statistics, IN DAILY Nasdaq began to surpass the NYSE in IN DAILY Nasdaq surpassed the NYSE in dollar daily share volume in early 1994 and volume for the first time on a monthly SHARES TRADED currently trades more shares on a daily DOLLAR VOLUME basis in January 1999, and continued to #1 basis on an average 9 out of 10 days. #1 do so in February and March. IN NUMBER Based on published exchange records for year-end 1998, total companies listed IN INITIAL Based on published exchange records, OF COMPANIES were as follows: Nasdaq-5,068; 1998 total IPOs were as follows: PUBLIC OFFERINGS LISTED Deutsche Börse-3,525; NYSE-2,669; Nasdaq-273; NYSE-68; Amex-21. #1 London Stock Exchange-2,520. #1 Of the Business Week 100 Hot Growth Companies (June 1, 1998), Based on published exchange records 95 were listed on Nasdaq-Amex. IN NUMBER OF for year-end 1998, the total number of IN GROWTH Of the FORTUNE 100 Fastest non-U.S. listings were as follows: NON-U.S. LISTINGS COMPANIES Growing Companies in America Nasdaq-484; NYSE-461; Amex-67. (September 28, 1998), 60 were listed #1 #1 on Nasdaq-Amex. Based on published exchange records, Based on published records, the Nasdaq the Amex accounted for 24.03% of Composite® Index has risen 475% over total U.S. options trading in 1998, the past 10 years, compared with a IN PRICE IN OPTIONS compared with 50.89% for the Chicago 343% gain for the Standard & Poor’s Board Options Exchange, and 14.1% PERFORMANCE 500 Index and a 323% gain for the TRADING for the Pacific Stock Exchange, the Dow Jones Industrial Average. The number 1 and number 3 options Nasdaq-100 Index® has risen by 935%. #1 #2 traders, respectively. SELF-REGULATORY The NASD is the largest self-regulatory IN INDEX The American Stock Exchange, the organization in the world, having 5,592 pioneer in index share products, traded ORGANIZATION member firms with 70,752 domestic SHARES 2.237 billion index shares in 1998. IN THE WORLD branch offices and 589,120 registered #1 #1 representatives at year-end 1998. LETTER FROM THE CHAIRMAN Frank G. Zarb Here is what we have done recently and what we plan to do: NASD Chairman and Chief Executive Officer Nasdaq-Amex Combination. The NASD acquired the American Stock Exchange last autumn as the first step toward our vision to create a worldwide high-tech trading network delivering more and better products at lower cost. This combination creates the world’s first major financial market that brings together a central auction Specialist system (Amex) and a multiple Market Maker system (Nasdaq) — in short, a “Market of Markets.” By integrating such strengths as Nasdaq’s technology Sweeping changes are happening in expertise and premier issuer base with Amex’s historic the world of investing. The NASD is, leadership in options and exchange-traded fund products, The Nasdaq-Amex Market Group increases and will continue to be, an instrument choices and opportunities for market participants like of those changes. never before. Offering two distinct market structures, Nasdaq-Amex can now provide the system that is best The changes are being spurred by several factors. for any given company, and can deliver objective advice An explosion of Internet and computer-based trading is and consultation to companies in determining which revolutionizing investing and shattering geographic system will benefit them most. boundaries. Contemporary investors, from the smallest individual shareholder to the largest institutions, are A significant investment in technology, including demanding, and increasingly getting, instant access to automating Amex trading, will lead to more efficient information and immediate execution of trades. The pricing, faster trade execution, and reduced transaction economy now is truly global and interconnected, and the costs. Cost efficiencies for members will be realized as markets are evolving to meet capital formation needs a result of the increased economies of scale and worldwide. Changing demographics — from people reduced order-handling charges. living longer and investing more for retirement to the growth of new investors in Europe and Asia — will Globally Linked Markets. We are continuing to explore continue to shape the market. acquisitions and alliances with other stock markets, both domestically and internationally. Internationally, we are The stock markets have to change to respond to these collaborating, or holding discussions, with various stock needs. Listed companies and investors are demanding exchanges and others to develop alliances that will improvements in the process of exchanging stock. A expose investors outside the United States to our listed next generation of stock markets is needed, not only to companies, and expose U.S. investors to listed compa- fulfill the capital formation function, but to provide world- nies from abroad. wide, instant price discovery and trade execution in a fair, orderly, low-cost, and well-regulated environment, Our plan is to create Nasdaq-type markets, using the without time zone limitations. Internet, to connect pools of liquidity and to provide real- time trading information and execution internationally. We at the NASD plan to lead this effort. Over time, this will lead to dual listings of companies on Nasdaq-Amex and overseas markets, and eventually to As the premier electronic stock market in the world, we a transparent, seamless, electronic, well-regulated, are poised for the challenge.
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