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Nasdaq to monitor stock chat sites

The Nasdaq will keep an eye on free-flying sensitive financial data online in an effort to curb the spread of erroneous information.

    The Nasdaq will keep an eye on free-flying sensitive financial data online in an effort to curb the spread of erroneous information, which can affect stock prices.

    Because the accuracy of some of the information traveling at lightning speed on the Web is in question, the Nasdaq will install a surveillance device to identify price-sensitive, false information on the Internet, the Financial Times reported today.

    The device, expected to be in place before the end of this year, is designed to supervise "chat rooms" on the Internet, scanning for false information that could move share prices. The system has been specially developed for Nasdaq by SRA, a Virginia-based software company.

    The new device will search for market-sensitive information that has not been officially announced. Nasdaq representatives could not be reached for comment.