The approval of NASDAQ's SuperMontage was described by the Chairman of the SEC Arthur Levitt in the following manner: In my tenure, there has been no more time-consuming, controversial or divisive proposed rule-change than the SuperMontage. Due to its form and the functionalities it offers,...

This paper studies the rating activities developed on the Swiss financial market and gives an overview of the agencies operating in Switzerland. It analyses the role and functions exercised by rating agencies and other entities like banks establishing and publishing own ratings on that...

The approval of NASDAQ'S SuperMontage was described as a challenge for the regulators. SuperMontage raises issues in relation to market structure, fragmentation and competition.