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Wednesday, April 20, 2011

Confetti falls on otherwise bitter battle for NYSE, (NASDAQ: NDAQ), (NYSE: NYX)

Confetti, loud music, and a century-old vase are just some of the things that set the Nasdaq Stock Market apart from the New York Stock Exchange -- so the U.S. Justice Department can just rest easy. That is part of the message Robert Greifeld, the chief executive of Nasdaq OMX Group (NDAQ.O), is sending the antitrust enforcer as it reviews his proposed $11 billion merger with rival exchange operator NYSE Euronext (NYX.N). "We have a lot of loud music going as we open our bell, we have confetti. Theirs, they're on a balcony over a trading floor," Greifeld said on a Wednesday conference call with analysts and members of the media. The CEO was defending his unsolicited bid for the Big Board against concerns that it will create a monopoly in listings, essentially arguing that the fierce competition between Nasdaq and NYSE to list shares is not really all that important to companies shopping around for a venue.

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