Insights
Client Alert
NASDAQ Official Closing Price: New Pricing Standard May Affect Mutual Fund Pricing Policies and Registration Statement Disclosure
April 14, 2003
Investment Management Practice Group
On April 14, 2003, the NASDAQ Stock Market, Inc. implemented an official closing price standard for Nasdaq-listed issues. In the past, mutual funds have relied on the “last sale price” disseminated by Nasdaq for NAV calculation. The new standard, known as the Nasdaq Official Closing Price, is expected to replace the “last sale price.”