Nasdaq

Nasdaq, originally an acronym for National Association of Securities Dealers
Automated Quotations, is a stock market run by the National Association of
Securities Dealers. When it began trading on February 8, 1971, it was the
world's first electronic stock market. Since 1999, it is the largest
American stock exchange with over half the companies traded in the United
States listed. Nasdaq is made up of the Nasdaq National Market and the
Nasdaq SmallCap Market. The main exchange is located in the United States of
America with exchanges in Canada and Japan. They also have associations with
exchanges in Hong Kong and Europe.

Nasdaq allows multiple market participants to trade through its electronic
communications networks (ECNs) structure, increasing competition. The Small
Order Execution System (SOES) is another Nasdaq feature, introduced in 1984,
to ensure that in 'turbulent' market conditions small market orders are not
forgotten but are automatically processed. On July 17, 1995 the Nasdaq stock
index closed above the 1,000 mark for the first time. In 2002 NASDAQ adopted
Super Montage or SUMO, which allows market makers show up to 5 levels of
their prices. Eventually, SOES was replaced by SUMO.

Nasdaq was closed from September 11 to 14, 2001 as a result of the September
11, 2001 Terrorist Attack.

Financial Abbreviation: NASDAQ

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