The Nasdaq Stock Market Inc. today announced plans to create a new market tier for public companies that will have the highest initial listing standards in the world.

The standards for the new “Nasdaq Global Select Market” will have financial and liquidity requirements that are higher than those of any other market. The new tier also incorporates corporate governance standards.

For the first time in its 35-year history, Nasdaq will offer three market tiers. In addition to the Nasdaq Global Select Market, Nasdaq offers the Nasdaq Global Market (the new name for the Nasdaq National Market) and the Nasdaq Capital Market (formerly the Nasdaq Small Cap Market).

Nasdaq expects to implement the new tier on July 1. Over 1,000 Nasdaq companies currently qualify for the Global Select tier. It will also launch new indexes to track the new structure.

“We have created a blue chip market for blue chip companies,” said Bob Greifeld, Nasdaq president and CEO. “Nasdaq is raising its financial listing standards above that of any other market globally to attract and retain companies that want to trade on the market with the highest listing standards.”

He added, “Nasdaq’s view is that the best companies globally will migrate to the markets with the best standards. We believe that the best, most intelligent standards come about when markets and companies recognize what is good for investors and initiate improvements from within. Nasdaq invites markets, companies and investors to review our standards, emulate us, or suggest other types of enhancements. In this way we hope to create a reasoned race to the top for markets and companies.”

Under the new structure, it is estimated that approximately 1,650 companies will meet the standards for the Global Market and that 550 companies will qualify for the Capital Market. All three market tiers maintain rigorous listing and corporate governance standards.

“This is the latest in a series of moves by Nasdaq to achieve our mission of being the premier market in the world. It is an outgrowth not only of governance rule changes and enforcement, but improved technology and transparency in the trading day. In addition, we have recently achieved exchange status, which will allow Nasdaq to separate from its regulator, removing any perception of conflict of interest,” commented Greifeld.