Based on the delay in filing of the Company's Form 10-K, NASDAQ notified the Company on April 1, 2004 that the Company is not in compliance with the NASDAQ listing requirements (Marketplace Rule 4310(c)(14)). In accordance with the notification and NASDAQ Marketplace Rules that outline the standard procedures to obtain a hearing in these circumstances, the Company intends to request, within seven days of the notification, a hearing with the NASDAQ Listing Qualifications Panel for continued listing on the NASDAQ National Market. The Company expects to be granted a hearing within three to four weeks of its request, during which time the Company's common stock will remain listed on the NASDAQ National Market.
As previously announced, the delay in the filing of the Company's Form 10-K is a result of the Company's ongoing discussions with the staff of the SEC's Division of Corporation Finance regarding the Company's accounting for its investment in and acquisition of its 80%-owned subsidiary, NYFIX Millennium, L.L.C. ("NYFIX Millennium"). The discussions are part of the comment process in connection with the SEC's review of a registration statement on Form S-3 filed by the Company in 2003. As a result of these discussions, the Company intends to restate its audited results for the years ended December 31, 1999 through 2002 to change the manner in which it accounted for the 1999 original investment in, and 2002 acquisition of an additional interest of, NYFIX Millennium.
The Company is working expeditiously to complete that restatement and to file its Form 10-K.
Jennifer P. Carberry