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Non-Tech : MB TRADING -- Ignore unavailable to you. Want to Upgrade?

To: funk who wrote (2461)	12/1/1998 12:45:00 PM
From: GREATMOOD	Respond to of 7382

Another New ECN..... NexTrade Approved as New Trading Network; 24-Hour Trading Next CLEARWATER, Fla., Dec. 1 /PRNewswire/ -- After a nearly two-year approval cycle, NexTrade today announced that its Electronic Crossing Network, or "ECN," has been certified by the Securities and Exchange Commission to commence stock trading operations in the equities markets immediately. The system allows certain users to enter securities orders in the national markets and usually receive better prices than those quoted. NexTrade allows a consortium of over 200 market-makers, mutual funds, pensions, and brokerage firms to use its systems to receive price improvement, anonymity and secrecy for their orders. The system is similar to Instinet -- a crossing system popular among institutional users -- and uses a proprietary database technology to cross, match and post orders nationwide. NexTrade offers its clients payment for many of their orders through the system. NexTrade has the lowest overhead in the industry, which allows it to offer its clients the most aggressive pricing. "We'll make it worth a firm's while to trade with us," says Mark Yegge, Chief Executive Officer of NexTrade. Additionally, the company said that it has received commitments from at least 25 more large clients this month alone, keeping it on track to add 500 institutional clients by late 1999. The system has been certified to handle more than 300 million shares per day. The firm is expanding its capacity to handle 1 billion shares daily since NexTrade expects its market share to exceed 10% to 12% of the Nasdaq ECN volume within a few weeks. As a hallmark of its service, NexTrade keeps its customer base anonymous. This allows its large-block customers to execute their orders without impacting the market. "The most important thing to us is that we always maintain absolute anonymity and secrecy for our clients," adds Yegge. NexTrade plans to unveil a 24-hour stock trading network in January 1999, which will allow its users to trade before, during and after traditional market hours. NexTrade will be the first ECN to make widely available its services around the clock. For more information, please contact Mark E. Yegge at NexTrade at 727-446-6660 or e-mail, Nextrade@invest2000.com . SOURCE NexTrade CO: NexTrade ST: Florida IN: MLM SU: PDT 12/01/98 09:46 EST prnewswire.com