NEW YORK (Reuters) - Nasdaq Stock Market Inc. (NDAQ.O: Quote, Profile, Research, Stock Buzz) is likely to start operating as an exchange in June, a few weeks later than estimated earlier, Chief Executive Bob Greifeld said on Monday.
Greifeld said there were no specific hang-ups in meeting the requirements set out by the U.S. Securities and Exchange Commission.
"No known issues, just going through the process," he said of the delay at the Reuters Exchanges and Trading Summit in New York.
Nasdaq's change from a stock market to an exchange will allow it to gain full independence from the regulatory group NASD and compete on a level playing field with other markets such as the New York Stock Exchange (NYX.N: Quote, Profile, Research, Stock Buzz).
The SEC approved the company's application to become a registered securities exchange in January.
Greifeld said Nasdaq now has an 8 percent core market share in NYSE-listed stocks.
He was confident market share will increase when new trading and pricing rules for securities markets, known as the Regulation National Market System or Reg NMS, are introduced by the SEC.
Reg NMS, now likely to be implemented in 2007, will be an "accelerant" to a trend already under way, Greifeld said.
"To the extent that hybrid and/or Reg NMS comes in sooner rather than later that's a good thing for us," he said.
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