From: newsout@stockwatch.com
Date: Thu, 23 Sep 1999 06:16:14 -0700
Subject: Stockwatch: VERSUS Technologies Inc - News Release
VERSUS Technologies releases LYNXX
VERSUS Technologies Inc V
Shares issued 11,619,874 Sep 22 close $10.30
Thu 23 Sept 99 News Release
Ms. Colleen Moorehead reports
VERSUS Technologies is releasing LYNXX, its Canadian securities intraday
crossing service to be offered through the VERSUS trading network by the
company's broker affiliate, VERSUS Brokerage Services Inc.
LYNXX will provide five matching times (10 a.m., 11 a.m., 2 p.m., 3 p.m.
and 4:15 p.m.) offering block order liquidity. Only market orders are
accepted in LYNXX and no size or side of the transaction at the time of the
match is disclosed prior to the match to ensure anonymity and reduce market
impact.
"Growing competition from the U.S. marketplace, especially through
Electronic Communications Networks, or Alternative Trading Systems as
they're more commonly known here, underscores the need for an effective
Canadian call facility," said Doug Steiner, chairman and chief executive
officer of VERSUS. "VERSUS's goal is to ensure that capital markets in
Canada continue to remain strong, and we believe LYNXX will assist
investors trading blocks in Canadian securities to obtain the anonymity and
liquidity they're seeking."
LYNXX's features include presymbol advertising, where the first to enter a
symbol in a match trades that order for free. "This is an important aspect
to LYNXX and should be very appealing to investors," said Colleen
Moorehead, president of VERSUS and VBSI. "In addition, we believe that
mid-market pricing will offer investors the best price available in the
market, and an after-market hours crossing at closing market pricing will
improve market acceptance and overall match rates."
Buy and sell block trade orders of 10,000 shares or more can be submitted
to LYNXX by institutional and retail investors through any one of the
following means: the client's terminal access to the VTN, VERSUS's trading
desk and Bloomberg terminals. LYNXX-related inquiries may also be sent to
VERSUS via E-mail at idesk@tradeit.com.
Morgan McCague, vice-president, quantitative investments, of the Ontario
Teachers' Pension Plan with more than $60-billion in pension assets under
management, said he is pleased that VERSUS is launching a crossing service
for Canadian securities. "The big advantage of electronic trading is
anonymity, and anonymity guarantees us that there is no market impact.
That's very, very important to an institution such as ourselves."
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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