The NASDAQ Stock Market has been reengineered in recent years from a competitive dealer market to a modern hybrid. The broader NASDAQ marketplace, including Electronic Communication Networks (ECNs) and Alternative Trading Systems (ATSs), has also experienced substantial growth and development. This conference, hosted by the Zicklin School of Business, brought together leading buy-side and sell-side participants and NASDAQ executives to put these changes into sharper focus. The resulting book assesses both the current market structure and the direction of the new NASDAQ marketplace. The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. Much more than historical documents, the transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are integrated for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broader insights into the quality and efficiency of the U.S. equity markets and the dynamic forces changing them.