Barclays Global Investors Lists Four New Exchange Traded Funds On the NASDAQ Stock Market -- the Most Liquid U.S. Market for ETFs
Posted on June 25, 2008 at 09:55 AM EDT
ETFs are Trading On the NASDAQ ETF Market -- Dedicated to Supporting the Incubation and Trading of New ETFs
NEW YORK, June 25, 2008 (PRIME NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that The NASDAQ Stock Market has listed four new exchange-traded funds (ETFs) sponsored by Barclays Global Investors, N.A. (BGI) -- the global product leader in ETFs (iShares). NASDAQ is the most liquid U.S. market for ETFs, capturing 35.7% of all U.S. ETF volume in May. Average daily matched share volume was 320 million, more than any other U.S. exchange.
The BGI-sponsored ETFs are trading on the NASDAQ ETF Market. This market is designed specifically to support ETFs and Index Linked Notes (ILNs) during their critical period of incubation and further strengthen NASDAQ's leadership position in the U.S. ETF sector.
Effective today, the following BGI-sponsored ETFs listed on NASDAQ:
* iShares S&P Global Clean Energy Index Fund (Nasdaq:ICLN) * iShares S&P Global Nuclear Energy Index Fund (Nasdaq:NUCL) * iShares S&P Global Timber & Forestry Index Fund (Nasdaq:WOOD) * iShares FTSE China (HK Listed) Index Fund (Nasdaq:FCHI)
"These new iShares ETFs are trading on the most liquid U.S. market for ETFs, one that provides exceptional levels of liquidity and visibility," said John Jacobs, executive vice president, NASDAQ OMX Global Financial Products. "The NASDAQ ETF Market is designed to provide these iShares products with tremendous support during their initial listing period, helping them develop into established products that trade very efficiently."
The focus of The NASDAQ ETF Market is the Designated Liquidity Provider, a Market Maker who has been selected to maintain liquidity in qualified ETFs (i.e., Qualified Securities). NASDAQ requires Designated Liquidity Providers to maintain a higher standard of market quality measured by spread, depth, and time quoting at or near the National Best Bid and Offer (NBBO). They receive price incentives to support ETFs during their period of initial listing, when ETFs need to develop more active trading.
Designated Liquidity Providers are selected by NASDAQ based on factors including experience with making markets in ETFs and ILNs, adequacy of capital, willingness to promote NASDAQ as a marketplace, issuer preference, operational capacity, support personnel, and history of adherence to NASDAQ rules and securities laws.
The NASDAQ ETF Market allows the traditional floor-based specialist, which has historically provided initial liquidity to new ETFs, to play a similar role by placing two-sided quotes in the NASDAQ Market Center. This enables ETF sponsors to continue to have the ability to develop "preferred" relationships with intermediaries. ETF issuers may choose a single Designated Liquidity Provider or multiple, competing liquidity providers. This flexible structure enables ETF issuers and traders to interact based on the needs of the issuer as they vary throughout the life cycle of the ETF.
NASDAQ OMX is a leading index calculator, designer and creator of some of the world's most popular ETFs, including PowerShares QQQ(tm) (Nasdaq:QQQQ) -- one of the most heavily traded listed equity securities in the U.S. and one of the most active ETFs in the world. PowerShares QQQ is designed to correspond to the price and yield performance of the NASDAQ-100 Index(r), the basis of more than 500 investment products in more than 36 countries.
For more information about the NASDAQ ETF Market, please contact Richard Keary, NASDAQ New Listings, at +212.401.8903 or email@example.com or NASDAQ Market Sales at 800.846.0047 or firstname.lastname@example.org.
For more information about BGI's iShares ETFs, please visit www.ishares.com.
About NASDAQ OMX Global Financial Products
NASDAQ OMX Global Financial Products (NOGFP) is engaged in the design, development, calculation, licensing, and marketing of NASDAQ OMX indexes. NOGFP specializes in the development of indexes focusing on NASDAQ OMX's brand themes of innovation, technology, growth, and globalization. NOGFP also provides custom index services and design solutions as a third-party provider to selected financial organizations. For more information about NASDAQ OMX indexes, visit www.nasdaq.com/indexes.
About NASDAQ OMX
The NASDAQ OMX Group, Inc. is the world's broadest and most diverse exchange company. It delivers trading, exchange technology, and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products, and ETFs. NASDAQ OMX technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from Nasdaq OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein may contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ OMX's products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to, factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
CONTACT: NASDAQ OMX Wayne Lee +301.978.4875 email@example.com
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