Nasdaq under its reform principles has concurred to US president's proposal to establish a corporate fraud task-force, to double maximum prison terms for mail and wire fraud and to enhance prison time for criminal fraud.
CEO Wick Simmons in a press release said, "The President's proposals to establish a corporate fraud task-force, to double maximum prison terms for mail and wire fraud and to enhance prison time for criminal fraud are tough but necessary actions that must be taken in the current climate of investor skepticism. The President's recommendations are consistent with the reform principles Nasdaq has set forth and which it expects executives of its listed companies to faithfully adhere to."
Simmons continued, "The effectiveness of the world's capital markets depends on personal integrity and public trust. Ultimately, it's all about character and values. Nasdaq fully shares the President's belief that free and fair capital markets demand a renewed commitment to a higher corporate ethic, true board independence, information transparency and swift, harsh and certain punishment of acts of corruption. Those principles deserve the support of each and every capital market participant."
Nasdaq is the world's largest stock market. With nearly 4,000 companies, Nasdaq lists more companies and trades more shares per day than any other US market.