To: EyeDrMike who wrote (2717 ) 10/1/1999 10:09:00 AM From: Sir Auric Goldfinger Read Replies (2) | Respond to of 4443
And who told you about the Nasdaq a week ago? "OptiMark's Linkup With Nasdaq Receives Approval from the SEC -- The Nasdaq Stock Market said it won Securities and Exchange Commission approval for its linkup with the OptiMark electronic-trading system. Phillip Riese, chief executive of OptiMark's parent, OptiMark Technologies Inc., said Nasdaq traders who are the system's customers will be able to start trading 10 of Nasdaq's largest stocks on Oct. 11. Two weeks later, the system will expand to include the Nasdaq 100, and by year end, a total of 250 active stocks. OptiMark, Jersey City, N.J., has a supercomputer capable of matching thousands of stock orders quickly based on the interest level of buyers and sellers. One vaunted feature is that traders' identities are anonymous. The company's investors include Dow Jones & Co., the publisher of The Wall Street Journal and the Interactive Journal. Nasdaq, a unit of the National Association of Securities Dealers, signed the deal with OptiMark in January 1998 and had hoped to have SEC approval for the link last summer. The link hasn't been without its opponents. A group of firms with responsibility for processing and clearing trades sent a letter to the SEC in August saying OptiMark, because of features such as anonymity that are its selling point, might pose a threat to market integrity. Mr. Riese said OptiMark will work with the firms to make sure its risk-management facilities meet their needs. A spokeswoman for the Securities Industry Association said "there still are shortcomings" in OptiMark but the firms "look forward to working with Nasdaq on enhancements" to address their concerns."