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The World of Finance - Essay Example
American Stock Exchange (Amex) and NASDAQ are two very powerful companies based on the Stock Market. Both are very similar and yet have their own uniqueness.A brief account of similarities and differences between the two companies is provided below.
Amex is used by stock market investors to obtain resources and understanding of their potential investment opportunities…
Both Amex and NASDAQ are similar since both the companies are based on the stock market. Both handle major clients and many different exchanges. Both also deal with the buying and selling of stocks. Each is widely known and capitalizes on their investors.
There are some differences in the operations of two companies. NASDAQ is more of a corporate's corporation. It handles mostly technological clients and uses technology to electronically handle everything. Amex on the other hand, likes to be more personalize and does not handle everything electronically. Amex uses floor exchanged and is thought to be slower in handling things. NASDAQ is extremely competitive and continues to try to find way to better its company.
In September 2002, New York State Attorney General Eliot Spitzer sued five corporate executives (former WorldCom chief executive Bernard Ebbers, Qwest chairman Philip Anschutz, former Qwest CEO Joseph P. Nacchio, Metromedia Fiber chairman Stephen Garofalo and former McLeod CEO Clark McLeod) for repayment of funds garnered through profiteering in Initial Public Offerings (IPOs) and phony stock ratings given by Salomon Smith Barney in return for investment banking business. In January 2003, Spitzer reached a "global" settlement with top Wall Street firms. ...