Nasdaq's New Private Market: Trading Unlisted Stocks

Helping the start-up ecosystem.
(Bloomberg) -- Bob Rice of Tangent Capital talks about Nasdaq's new private market.
Details are here...
Nasdaq, SharesPost To Set Up Market For Unlisted Stocks
The new venture, Nasdaq Private Market, will help the exchange rebuild its reputation as the exchange of choice for unlisted companies, after it was criticized for its role in the botched Facebook IPO last May.
"NYSE was taking a lot of share away from the Nasdaq even in tech listings, so I think it's kind of an opportunistic move for Nasdaq," said Josef Schuster, founder of Chicago-based financial services firm IPOX Schuster LLC.
Major market makers and broker dealers say they lost upward of $500 million because of technical glitches on the Nasdaq during Facebook's May 18 stock market debut.
Privately held SharesPost was charged by the SEC for failing to register as a broker-dealer before offering securities in its marketplace. It registered as a broker-dealer and paid $100,000 to settle the allegations.
Recent legislation, the Jumpstart Our Business Startups Act, has boosted opportunities for trading of unlisted companies. Under the act, an unlisted company can have 2,000 shareholders, up from 500.
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Update
Can't tell yet if the Naz announcement is related to this story from a few weeks ago.
SEC Seeks Stock Exchange Only For The Rich