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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (505)	1/11/2000 2:16:00 AM
From: Mohan Marette	Respond to of 1471

<-OT-> Nasdaq, India's SSI to Set Up Global Trading System (Update1) 1/10/00 10:27:00 PM Source: Bloomberg News (Rewrites throughout, adds background, Nasdaq comment.) Tokyo, Jan. 11 (Bloomberg) -- Nasdaq, facing increasing competition from low-cost electronic trading networks, is teaming up with India's SSI Ltd. to develop an Internet-compatible global stock trading system. The system will initially be used for Nasdaq's ventures in Japan and Europe and will allow global investors to trade Nasdaq stocks using the Internet and SSI technology, said Gregor Bailar, executive vice president and chief information officer of the National Association of Securities Dealers (NASD), which owns Nasdaq. Software from SSI, a computer training and software firm, is already used on several Asian stock exchanges. ``We took this opportunity to look out upon the markets that supply technology to the exchanges and to make a fresh start, to again reshape the trading community, to introduce a new platform -- a global trading platform -- the first of its kind,' Bailar said. The joint venture, to be called Indigo Markets, is 50-50 owned by Nasdaq and SSI. Nasdaq has an option to raise its stake by another 10 percent, Bailar said, without disclosing the amount the two companies invested. The move comes as Nasdaq accelerates its efforts to offer trading on a global scale. NASD has allied with several companies to establish Japanese and European versions of the Nasdaq market. Next Generation The joint venture marks the end of NASD's search for a system provider able to provide a fast, Internet-compatible trading system which could operate in a multilingual, multicurrency environment and cope with a variety of different settlement systems. It chose SSI over systems used by the German and Paris exchanges and existing U.S. electronic networks, and also considered new technologies offered by companies from Australia and Canada to Japan and Sweden, Bailar said. The venture will have a near-term impact on the Japanese- language version of the U.S. exchange, Nasdaq-Japan Planning Co.. Nasdaq Japan is a joint venture with Japan's largest investor in Internet-related ventures, Softbank Corp., and will be part of the Osaka Securities Exchange. Indigo Markets will modify SSI's software for Nasdaq-Japan, with testing to begin in the third quarter of this year and operations under SSI systems to start by the first quarter of 2001. Nasdaq Japan, which is to start operations by June 2000 at the latest, will initially operate using the OSE's trading structure. Modifications will be made for Nasdaq-Europe within a similar time frame, and eventually the U.S. Nasdaq market will also move to SSI software, linking all the exchanges in a unified system.