Tech slowdown forces Nasdaq to cut back

A sharp decline in technology companies wanting to float has had an inevitable knock-on effect on the tech-focused Nasdaq stock exchange.

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By  David Ingham Published  June 28, 2001

The sharp slowdown in the US technology sector has forced the Nasdaq to trim 140 positions, just over 10% of its workforce.

In a statement issued on Wednesday, the tech-focused stock exchange said that a sharp decline in new companies coming to market led to the layoffs.

“Nasdaq is not immune to changes in market conditions,” said Wick Simmons, Nasdaq’s chief executive officer. “We will continue to actively manage our business in response to both the challenges and the opportunities in the marketplace. With the changes we are making, we believe that we will be correctly sized for the current and foreseeable market conditions. We have reduced our expense base without impacting our key strategic initiatives, including SuperSoes, Primex, SuperMontage, and our global initiatives.”

SuperSoes is a new trade execution facility, set to roll out on July 9; Primex is a new electronic auction system; and SuperMontage is a new trading platform set to launch in 2002.

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