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July 02, 2015 11:30 PM ET

Diversified Financial Services

Company Overview of The NASDAQ Stock Market LLC

Company Overview

The NASDAQ Stock Market LLC is a registered national securities exchange for NASDAQ listed securities. It operates as an electronic stock market that offers securities listing, trading, and information products and services. The company caters to technology, retail, communications, financial services, transportation, media, and biotechnology industries. The NASDAQ Stock Market LLC was incorporated in 2005 and is based in the Rockville, Maryland. The NASDAQ Stock Market LLC operates as a subsidiary of Nasdaq OMX Group Inc.

9600 Blackwell Road

Rockville, MD 20850

United States

Founded in 2005

Phone:

301-978-8008

Fax:

301-978-8510

Key Executives for The NASDAQ Stock Market LLC

The NASDAQ Stock Market LLC does not have any Key Executives recorded.

The NASDAQ Stock Market LLC Key Developments

US City of Providence Sues Bank of America and the New York Stock Exchange Among Exchanges and Traders

The backlash against high-frequency trading is gaining momentum, with Bank of America and the New York Stock Exchange among exchanges and traders being sued by the United States city of Providence. The capital of Rhode Island claims the ultra-fast trades executed by supercomputer-generated algorithms rigged securities markets and fleeced ordinary investors of billions of dollars. In a lawsuit filed in Manhattan's Federal Court, Providence sought unspecified damages on behalf of every retail investor in the city who has traded shares in the past five years. A technique known as electronic front-running, in which high frequency traders test buy and sell thresholds with lightning-fast bids in order to make transactions at better prices, is central to the case. High-frequency trading firms, which headhunt the world's best mathematicians to create ever-faster algorithms, often rent space inside exchanges to shave fractions of seconds off the time it takes to execute trades. Providence argues that stock exchanges, big brokerage companies and a group of high-speed trading companies gave some traders information about investors trades that ordinary investors could not access. The defendants include 14 brokerages, 16 securities exchanges and 12 high-speed traders. The Nasdaq Stock Market, New York Stock Exchange, JPMorgan Chase, Goldman Sachs and Citigroup have been targeted.

Shareholders in Facebook File Securities Fraud Action against Facebook Inc., Nasdaq Stock Market L.L.C., Nasdaq OMX Group Inc., Certain Nasdaq Officers and Other Parties

Shareholders in Facebook Inc. sued the company, Nasdaq Stock Market L.L.C., Nasdaq OMX Group Inc., certain NASDAQ officers and other parties, alleging direct and shareholder derivative securities fraud claims arising from actions taken by the defendants in connection with Facebook's IPO. On Dec. 16, 2013, the court denied in part the defendants' motion to dismiss the complaint. The case came before the court on the defendants' motion to alter or amend the Dec. 16, 2013, order to include a certification for interlocutory appeal under 28 U.S.C. 1292(b). The district court noted the defendants sought certification for interlocutory appeal of the issue of whether the economic loss doctrine barred the plaintiffs' common law negligence claims and as to whether the plaintiffs' federal securities claim was entitled to the presumption of reliance established under an applicable U.S. Supreme Court precedent. The court noted the Second U.S. Circuit Court of Appeals regularly denied interlocutory appeals at such preliminary stages where, as here, the appeal at most could lead only to a remand for repleading, with possibilities of further interlocutory appeals thereafter. Dismissal on appeal would not end multidistrict litigation. The court separately held the defendants failed to present exceptional circumstances necessary to grant an interlocutory appeal or show that an immediate appeal would advance the ultimate termination of the litigation. The defendants were incorrect that a dismissal on appeal on both issues would end the multidistrict litigation. The plaintiffs showed their intention and were granted leave to amend their complaint to reflect the findings of a related Securities and Exchange Commission opinion and the underlying evidence supporting those findings. Moreover, because the negligence and securities claims alleged similar facts, the district court concluded discovery will significantly overlap, and as a result, if either of the two claims was not fully dismissed on appeal, the litigation would continue to advance in substantially the same manner as if the interlocutory appeal never occurred.

The NASDAQ OMX Group, Inc. Announces the Appointment of Nine Directors to The NASDAQ Stock Market LLC, NASDAQ OMX PHLX LLC, and NASDAQ OMX BX, Inc. Boards

The NASDAQ OMX Group, Inc. announced the appointment of nine directors to The NASDAQ Stock Market LLC, NASDAQ OMX PHLX LLC, and NASDAQ OMX BX, Inc. Boards. Directors serve a one-year term. They are Leonard J. Amoruso, Executive Vice President of KCG Holdings, Inc; Daniel Bigelow, President and Managing Partner of Monadnock Capital Management L.P; Michael J. Curran, retired Chairman and Chief Executive Officer of the Boston Stock Exchange; Merit E. Janow, Dean, Columbia University's School of International and Public Affairs; William M. Lyons, retired President and Chief Executive Officer, American Century Companies, Inc.; John D. Markese, Vice Chairman, American Association of Individual Investors; A. Douglas Melamed, Senior Vice President and General Counsel, Intel Corporation; Eric W. Noll, Executive Vice President, Transaction Services, The NASDAQ OMX Group, Inc.; and Wendy S. White, Senior Vice President and General Counsel, University of Pennsylvania.

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