By James Langton

(April 14 – 13:25 ET) – The membership of the National Association of Securities Dealers Inc. has approved its proposed restructuring. The NASD membership voted 84% in favour of the plan, with the highest-ever turnout for an NASD vote.

“The members have spoken,” said NASD Chairman and CEO, Frank Zarb. “By an overwhelming majority, they are saying that the plan we put forward makes sense. They have given the green light to spinning off Nasdaq, positioning it to be the most successful market in the world.”

Each NASD member firm was entitled to one vote. Now the NASD has the go-ahead for its plan to sell approximately 47% to 49% of its shares to its members, on a fully diluted basis, by private placement. This is expected to occur in May. A second tranche of shares will follow in the fall. In response to members’ demand the NASD is extending the subscription period until April 24, 17:00 ET.