finra

FINRA

For Release:
Contacts:
Tuesday, April 13, 1999
Andy MacMillan, NASD
(212) 858-4150
Scott Peterson, NASD
(202) 728-8955


NASD Intends to Open Shanghai Office
Plans Announced Today During Visit by Chinese Premier Zhu Rongji

New York, NY—The National Association of Securities Dealers, Inc. (NASD®), today announced that it intends to open an office in Shanghai, China. The announcement came on the day that Chinese Premier Zhu Rongji visited the Nasdaq-Amex MarketSiteSM in New York.

 

Planning for the office is in its preliminary stages. The goal is to open the office by early to mid-2000. The office will provide support for listed companies in the region and facilitate the continuing development of Nasdaq presence in China. The Nasdaq Stock Market® currently lists 66 Asian companies.

 

Commenting on the plans, NASD Chairman and Chief Executive Officer Frank G. Zarb, said, "We hope this is the beginning of a process to create for China a way to bring investors’ capital to growing companies. If we can be helpful to this process, both sides have much to gain."

 

John T. Wall, President of Nasdaq International, Ltd., added, "Our hope is that the NASD Shanghai office will work with the Chinese Government and industry on the many complex aspects of international capital formation, including: securities regulation, accounting standards, providing investors information, and the workings of an electronic stock market."

 

The Nasdaq Stock Market is home to more than 5,000 companies, of which about 10 percent are non-U.S. based. Nasdaq companies are among some of the fastest growing and are frequently leaders in their field. Nasdaq’s roster includes such names as Microsoft, Intel, Nissan Motor, Cisco Systems, MCI WorldCom, Dell Computer, Toyota Motor, Oracle, Sun Microsystems, Yahoo!, QiaoXing Universal Telephone, Amazon.com, China Resources Development, Staples, Starbucks, Apple Computer, and many others. Among the Hot 100 Growth Companies named in Business Week’s June 1, 1998, issue, 87 were listed on Nasdaq. Nasdaq is the world’s leading stock market in terms of number of companies listed and the number of initial public offerings per year.

 

The NASD is the largest securities-industry, self-regulatory organization in the United States and parent organization of NASD Regulation, Inc., and The Nasdaq-Amex Market Group, Inc. Through its regulatory subsidiary, the NASD develops rules and regulations, provides a dispute resolution forum, and conducts regulatory reviews of member activities for the protection and benefit of investors. Through The Nasdaq-Amex Market GroupSM, the NASD operates The Nasdaq Stock Market and the American Stock Exchange (Amex®) in a unique dual-market structure that brings together the central auction specialist and multiple Market Maker systems. The NASD oversees the nation’s 5,600 brokerage firms and more than half-a-million registered brokers. Consumers can contact the NASD to obtain the disciplinary and work histories, as well as other selected background information, of member firms and individual brokers, or to get information on how to lodge a complaint.

 

For more information about the NASD and its subsidiaries, please visit the following Web sites: www.nasd.com; www.nasdaq-amex.com;  the Nasdaq TraderSM site at www.nasdaqtrader.com; or the Nasdaq-Amex NewsroomSM at www.nasdaq-amexnews.com.