''The Madoffs and their friends were part of the National Stock Exchange group at the Zermatt event. No full-time employee or executive from the NSX appears to have been on the trip. The Madoff brothers’ association with the NSX, however, goes back decades. According to the Wall Street Journal, Peter Madoff, the second-in-command at Bernard L. Madoff Investment Securities, joined the board of the NSX, then called the Cincinnati Stock Exchange, in 1980. (He left the NSX board and the board of its parent company this past week.) The Madoff securities firm is owned entirely by Bernard Madoff.

Cincy became the first all-electronic U.S. stock market in 1980. In the run-up to that, the Madoff firm reportedly spent about $250,000 to help the exchange overhaul its technology. The all-electronic Nasdaq market at the time was not an exchange but an over-the-counter market. Madoff for years has also described his firm as one of five broker-dealers that had a big hand in developing the Nasdaq market.''

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