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| Competitive Advantage |
| Volatility |
| For all three periods post transfer, Intra-day Volatility, measured as the stock's price range for a given day, was at least 23% greater under the market maker structure, as compared to the specialist market. This is the one measure that actually increases for companies that have transferred to Nasdaq. Unfortunately for the companies and shareholders, a decrease is what would be desired.*
Source: American Stock Exchange, Nasdaq, FactSet Research Systems, Inc.
Transfer performance is based upon the last 20 trading days on the American Stock Exchange versus subsequent three 20-day trading periods on Nasdaq for all companies that transferred to Nasdaq during 2005. *Other factors may impact volatility.
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