The NASDAQ Stock Market has released the names of approximately 1200 companies who will be included in its new “NASDAQ Global Select Market” tier, which will become effective July 3. The new tier “has the highest listing standards in the world,” said NASDAQ’s bulletin.
“In conjunction with the creation of the new tier, NASDAQ will rename the NASDAQ National Market to the NASDAQ Global Market,” the announcement continued. “Approximately 1450 companies will be included in the NASDAQ Global Market. The NASDAQ Capital Market will remain as is with approximately 550 companies within this segment. All three market tiers maintain rigorous listing and corporate governance standards and have the opportunity to leverage an array of NASDAQ corporate services.”
Among the insurance companies and groups listed are Arch Capital, Argonaut, Donegal, Max Re, Millea Holdings, Navigators, Ohio Casualty, SAFECO, Safety Insurance Group, Sea Bright and Selective. The complete list may be consulted at: www.nasdaq.com/GlobalSelect.
NASDAQ President and CEO Bob Greifeld noted: “NASDAQ companies are doing business on a global basis and we wanted to recognize that in the creation of our new listing tiers. We believe that the best quality companies will be attracted to the highest listing standards.”
One insurer, Bermuda’s Max Re Capital, included in the NASDAQ Global Select Market index, appeared particularly pleased. A month ago the Company received a delisting notice from NASDAQ, stemming from its accounting review, which had delayed mandatory filings with the SEC (See IJ Website May 22). Max Re completed the review and filed the required statements, so it’s now back in good standing with NASDAQ (See IJ Website May 31, June 16).
Bruce Aust, Executive VP of Max Re’s Corporate Client Group commented: “Max Re is an example of an industry leader that has achieved superior listing standards, which clearly defines the essence of the NASDAQ Global Select Market. NASDAQ is focused on leading a race to the top in terms of listing qualifications. In recognizing these companies, we are highlighting their achievement in meeting the requirements to be included in the market with the highest listing standards in the world.”
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