Hawaii big for Many observers believed that this was a tyrannical system, particularly irksome after the stock market’s numerous corrections and collapses. The process of graduating from IPO to NYSE was hierarchical and though steeped in history, somewhat archaic in the 20th century. A young company, however, had no viable alternative if it planned to have its stock widely traded. Gordon Macklin served as National Association of Securities Dealers (NASD) president and forged the way for the NASDAQ. Rather than rely on a single stock exchange specialist, Macklin foresaw a trading system that linked buyers and sellers electronically, thus opening the bidding process to people on computer terminals across the globe. The traders would use computers to guarantee efficient pricing, thus eliminating the need for traders to be in the same room or debate sales over the phone. Initially, more than 800 securities dealers subscribed to NASDAQ, which presented information on 2,400 unlisted securities. Hawaii big 2016.