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securitiesindustry.com
Midweek News Update
Advance Coverage of Issue Week Monday, March 18, 2002
New Track ECN Mulls Joining MarketXT on SuperSoes
The Track ECN, the new electronic communications network that made its debut on March 8, is mulling joining SuperSoes, where rival MarketXT has seen its volume soar since moving to Nasdaq’s trading system on Christmas Eve. MarketXT’s market share of Nasdaq share volume jumped from a mere 0.1 percent in December to 0.5 percent in January. The ECN market share data set for February is not yet available, but, based on SuperSoes data, MarketXT traded an average of 28.66 million shares a day by late February, making it the second-largest contributor to SuperSoes after Knight Securities.“A lot of people have noticed that,” said Track ECN EVP Roderick Covlin. “We are considering joining SuperSoes as an option to help us grow the business, since it is a mature marketplace.” The Track ECN’s parent, Track Data Corp., which also owns direct-access online broker Track Data Securities, late last month received the green light from the Securities and Exchange Commission and the National Association of Securities Dealers to operate an ECN—the 11th so far—to trade Nasdaq and listed securities.
(Reported by Isabelle Clary) |
