Nasdaq Introduces ETF Market
US stock exchange Nasdaq will launch the Nasdaq ETF Market in the third quarter of 2007. The market is designed specifically for exchange traded funds (ETFs) and index-linked notes.
The ETF Market includes the Designated Liquidity Provider, a market maker which maintains liquidity in qualified ETFs. Nasdaq will require DLP to quote at or near the National Best Bid and Offer (NBBO). The DLPs will receive price incentives to support ETFs for the initial listing and will be selected by ETF sponsors, market-making firms and Nasdaq.
"The market reflects the historical relationships between ETF issuers, brokers and exchanges and raises it to a new level of efficiency,” says
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