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Non-Tech : Knight/Trimark Group, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Gary Korn who wrote (4361)	9/29/1999 1:57:00 AM
From: Gary Korn	Read Replies (1) \| Respond to of 10027

9/27/99 PR Newswire 15:38:00 PR Newswire Copyright (c) 1999, PR Newswire Monday, September 27, 1999 BRUT to Join with Seven Electronic Trading Systems in After-Hours Trading Network Company Signs Letter of Intent to Link with Others to Offer Post-Market Trading NEW YORK, Sept. 27 /PRNewswire/ -- The BRASS Utility, LLC (BRUT), a subsidiary of Sungard Data Systems (NYSE: SDS) and a leading electronic communications network, (ECN), announced today that it has signed a letter of intent to join with seven electronic trading systems to form an after-hours trading network. BRUT's link with Archipelago, LLC; Bloomberg Tradebook, LLC; Instinet Corporation; The Island ECN, Inc.; Market XT, Inc.; REDIBook and Strike Technologies, will form a transparent after-hours network that will make trading interest on each of the participating electronic trading systems visible and accessible to the other participants. "Today's agreement is a significant step forward for the equity trading market and in particular for the broker/dealer community BRUT serves," said Brian Hyndman, president of BRUT. "The after-hours trading network will deliver the best execution for our subscribers and ensure added liquidity to BRUT. It will provide our subscribers a cost-effective way to trade after- hours and allow broker/dealers to route retail orders to BRUT and receive quick and efficient execution." The network will allow the over 160 subscribers to BRUT connectivity to the most effective after-hour trading program. The agreement gives a BRUT subscriber trading after-hours easy access to the best prices available on the other electronic trading systems participating in the network. The low-cost BRUT pricing structure will continue to be in effect for after-hours activity. The terms for the connectivity will be negotiated individually between each of the participating electronic trading systems. In addition, the after- hours network created by linkages among the participants will be non- exclusive, and one or more of the participating electronic trading systems are free to link up with other trading systems as after-hours volume develops in those systems. The BRASS Utility, L.L.C. (BRUT), headquartered in New York City, is a leading electronic communications network (ECN) and one of nine ECNs approved by the Securities and Exchange Commission to act as an order display alternative. BRUT is majority owned by Automated Securities Clearance Ltd. (ASC). ASC operates BRASS (Brokerage Real-Time Application Support System) which provides the Nasdaq trader everything he or she needs to operate electronically. BRASS is the industry standard, serving over 3000 desktop terminals in roughly 200 brokerage firms representing over 50% of Nasdaq volume. Goldman Sachs (NYSE: GS), Knight/Trimark Group (Nasdaq: NITE), Merrill Lynch (NYSE: MER) and Morgan Stanley Dean Witter (NYSE: MWD) maintain minority equity interests in the BRUT ECN. BRUT and ASC are operating units of SunGard Data Systems Inc., the only large specialized provider of proprietary investment support systems and the pioneer and a leading provider of comprehensive computer disaster recovery services. SunGard's common stock is reported on the New York Stock Exchange under the symbol SDS. /CONTACT: Rich Tauberman of The MWW Group, 201-507-9500, or rtauberm@mww.com, for The BRASS Utility, LLC/ 15:26 EDT