Nasdaq ends exclusive agreement with Primex Trading
Wed December 31, 2003 04:40 PM ET
NEW YORK, Dec 31 (Reuters) - The Nasdaq Stock Market Inc. (NDAQ.QB: Quote, Profile, Research) said on Wednesday it had ended an agreement with Primex Trading LLC that gave Nasdaq exclusive rights to operate Primex's electronic auction system.
The move is meant to raise the profile of SuperMontage, Nasdaq's trade order system that allows market participants to enter unlimited quotes and orders at multiple price levels, according to Nasdaq.
Primex had been operating on the Nasdaq since December 2001. The arrangement between the Nasdaq and Primex will end on Jan. 16.
"As Nasdaq consolidates its trading services to a common functionality within the Nasdaq SuperMontage system, it has elected to no longer offer the Primex Auction System as a facility of Nasdaq," Nasdaq said in a statement.
According to a statement, Primex will continue to own its technology that comprises its auction system.
Primex is a partnership formed by securities industry brokerage firms and investment banks, including Merrill Lynch (MER.N: Quote, Profile, Research) , Salomon Smith Barney, a unit of Citigroup (C.N: Quote, Profile, Research) , Goldman Sachs (GS.N: Quote, Profile, Research) , Morgan Stanley and Bernard L. Madoff Investment Securities. |
