Yesterday, representatives from the NYSE and NASDAQ essentially admitted that the current fragmented market structure has been a failure for most US companies. Before a House Committee on Oversight and Government Reform, Eric Noll from Nasdaq had this to say:
“The unintended consequences of the market fragmentation has been a lack of liquidity and price discovery in listed securities outside of the top 100 traded names and a disturbing absence of market attention paid to small growth companies by all market participants including exchanges.”
Joe Mecane from the NYSE added that even
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