At last, a light in the chamber of MFMMM darkness........
GlobeNet To Open Automated Bulletin Board Trading System At Security Traders Association Annual Conference
Orlando, Florida, October 3, 2000: GlobeNet Securities, Inc. ("GlobeNet") has announced that on October 12, 2000 it will launch the opening of its trading system for the Over-The-Counter Bulletin Board ("OTCBB") market at the Security Traders Association's annual conference in Boca Raton, Florida. GlobeNet's Alternative Trading System (the "GlobeNet ATS") will trade equity securities of OTCBB issuers that are current in their periodic filings with the SEC.
"We have received a strong level of enthusiasm and commitment from subscribers (i.e., order-entry firms and market makers) that have been waiting for an automated OTCBB trading system designed to enhance execution opportunities," said Bob Semones, Chairman and Chief Executive Officer of GlobeNet Capital Corporation, the parent company of GlobeNet. "OTCBB traders now can execute orders easier and faster than ever before, while issuers whose securities are listed for trading in our system can benefit from the information repository we make available to subscribers and the general public through our website," said Semones. GlobeNet's order books may be viewed by the public through GlobeNet's website (www.globenet.com), however, only NASD registered broker-dealers that execute a subscriber agreement with GlobeNet may access the GlobeNet ATS for trading.
"We anticipate a soft opening as a number of order-entry firms and market makers are still in the process of integrating with our system. We have had excellent results from our testing programs and, as the GlobeNet ATS continues to gain visibility in the market and as additional market participants are able to interact with our system on a real-time basis, we will continue to draw liquidity to our market," said Semones.
GlobeNet's ATS is an Internet-based proprietary trading system, which operates with advanced securities trading technology. The GlobeNet ATS currently can process 10,000,000 orders per day, 5,000,000 trades per day, and 5,000 orders per second, without experiencing latency difficulties. Processing orders at the rate of 5,000 per second enables this system to easily handle anticipated trading spikes and surges which occur at various times during a trading day. GlobeNet's capacity is readily scalable, and current capacity levels may be increased from time to time as trading volume increases. The development and maintenance of GlobeNet's trading system is handled by its Information Technology team, currently comprised of 20 employees with exceptional experience in all aspects of trading technology. Subscribers may access the GlobeNet ATS through various protocols, including FIX, an Internet API, GlobeNet's proprietary Order Management System, or through CMS.
GlobeNet, a subsidiary of GlobeNet Capital Corporation, is registered with the Securities and Exchange Commission as a broker-dealer and is a member of the NASD and SIPC. GlobeNet is authorized to operate as an ATS.
GlobeNet Capital Corporation
507 North New York Avenue, Suite 200
Winter Park, Florida 32789
407-599-9900
www.globenet.com
For more information, contact:
Bob Semones at semones@globenet.com
John :-)
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