As I blogged earlier (see here), Nasdaq has been working on becoming an “exchange” since 2001. As of Monday, it’s official (see here and here). As I said before:
From my perspective (law professor who writes in the securities
regulation area), one big positive of the change is that now both the
NYSE and NASDAQ can correctly be referred to collectively as “exchanges.� In past scholarship, I’ve struggled with the right collective term—�exchanges� was not technically correct and neither was “markets.�