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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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From: gwb-trading	3/29/2005 9:57:00 AM
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Nasdaq Seeks OK to trade NYSE-listed stocks Monday March 28, 2:56 pm ET Nasdaq Is Seeking Approval From Regulators for a New Trading Product for Customers biz.yahoo.com NEW YORK (AP) -- The Nasdaq Stock Market Inc. said it will seek approval from regulators to allow its customers to trade New York Stock Exchange-listed stocks through its own electronic platform. The stock market said it will offer members free anonymous routing to the New York Stock Exchange. The transaction will be executed through its Brut electronic exchange, which it acquired from SunGard Data Systems Inc. in a $190 million deal. The Nasdaq expects approval from the Securities and Exchange Commission that will allow the service to be launched in April. "We are currently witnessing a shift to automated trading of Exchange-Listed securities away from manual, floor-based markets," Chris Concannon, an executive vice president in charge of transaction services, said in a statement. "Nasdaq has leveraged the acquisition of Brut and its NYSE membership to meet the needs of customers who demand to trade with speed, certainty and transparency." Shares of Nasdaq rose 12 cents to $11.22 in afternoon trading.

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