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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Jack Colton who wrote (47458)	6/1/1999 8:35:00 PM
From: JeffA	Respond to of 90042

Hey check this out NYSENAZ?! Heck yeah! \| Perspectives \| Rumor Mill \| One Week View <Picture: Category The Net> NYSE may trade Nasdaq shares By Bloomberg News Special to CNET News.com June 1, 1999, 4:45 p.m. PT NEW YORK--The New York Stock Exchange is talking with three private trading systems about creating its own network for trading the most active Nasdaq Stock Market shares, people familiar with the situation said. NYSE CEO Richard Grasso is expected to discuss the proposed system with exchange directors Thursday, the exchange's last regularly scheduled meeting before September, the people said. Those briefed on the QUOTE SNAPSHOTJune 1, 1999, 2:13 p.m. PTNASDAQ COMPOSITE INDEX CCMP2412.03-58.49 -2.37% NYSE COMPOSITE INDEX NYA621.28-0.98 -0.16% by symbol by name > more from CNET InvestorQuotes delayed 20+ minutes Big Board's plans, dubbed "Nysenet," said the exchange is talking with Brass Utility (nicknamed Brut), Strike Technologies, and the Redibook system about setting up a new network in which the NYSE would be a partner. All three companies are owned in part by the NYSE's largest members. "This is interesting and intriguing to me," said Arthur Pacheco, president and chief executive of Strike Technologies, who added that an NYSE-sponsored electronic-communications network (ECN) could make for more orderly trading of Nasdaq shares. An NYSE-sponsored trading system would lower trading costs and provide institutional investors greater access to the Nasdaq market, Grasso said in an interview in April. Such a system also would allow the NYSE to gain business at the expense of rival Nasdaq. Currently, Nasdaq market makers can trade NYSE stocks, but the Big Board doesn't trade Nasdaq issues. An NYSE spokesman declined to comment, as did representatives of Spear Leeds and Brass Utility. A spokesman for Reuters Group's Instinet said the largest private trading network remains in discussions with the Nasdaq and the NYSE about alliances but declined to comment further. Strike's investors include Citigroup's Salomon Smith Barney and Bear Stearns, while Goldman Sachs and Merrill Lynch are among Brut's owners. Redi is operated by Spear Leeds & Kellogg, the Big Board's largest specialist firm. Copyright 1999, Bloomberg L.P. All Rights Reserved.