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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: TFF who wrote (6912)	4/8/1999 10:11:00 PM
From: TFF	Read Replies (1) \| Respond to of 12617

BRUT Launches UMA, Revolutionary Market Access System PR Newswire, Tuesday, April 06, 1999 at 10:17 Leading ECN Offers Flexible and Less Costly Alternative to Nasdaq Workstation II(TM) NEW YORK, April 6 /PRNewswire/ -- The BRASS Utility L.L.C. (BRUT), a leading electronic communications network (ECN), today announced the launch of Universal Market Access (UMA), a revolutionary new quote management software system which is a flexible and less costly alternative to Nasdaq Workstation II. The system makes it easier, faster and safer to access market maker quotes electronically and to maintain dealer quotes while ensuring limit order compliance. UMA will allow instant access to BRUT directly from a user's current trading workstation environment. "In a short period, BRUT has established itself as the broker-friendly ECN, significantly lowering the costs of anonymous inter-dealer transactions," said Brian Hyndman, President of BRUT. "With the development of UMA, we are providing a unique and cost-effective alternative to Nasdaq Workstation II as well as a seamless interface from the trading workstation environment to BRUT. The linking of a dynamic market access system with our leading ECN further demonstrate our commitment to providing innovative solutions to the trading community." UMA will allow users to sweep market marker quotes electronically and execute simultaneous trades with a single click and drag of a mouse, ensuring speed, efficiency and anonymity. The system also allows the trader to search for liquidity across multiple stocks, maximizing the ability to capitalize on buying or selling opportunities at desired price points in specific order sizes. UMA further provides broker/dealers with the power to maintain hidden sizes at a price point as executions from all sources (i.e. SOES, SNET, BRUT, BNET, etc.) and apply them against a reserve. 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 currently has over 120 subscribers and handles volume of approximately 8,000,000 shares per day. BRUT is majority owned by Automated Securities Clearance Ltd., a division of Sungard Data Systems, Inc. (NYSE:SDS), which operates BRASS (Brokerage Real-Time Application Support System) that provides the Nasdaq trader everything he or she needs to operate electronically. BRASS is the industry standard, serving 2,500 desktop terminals in roughly 160 brokerage firms representing over 50% of Nasdaq volume. Goldman Sachs, Knight/Trimark Group (NASDAQ:NITE), Merrill Lynch (NYSE:MER) and Morgan Stanley Dean Witter (NYSE:MWD) maintain minority equity interests in the BRUT ECN.