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BEACON REMOTE is an extended version of the BSE's respected BEACON™ floor trading system that will enable primary and competing specialists to trade with Exchange members from their own remote trading sites located across the country. With BEACON REMOTE, the BSE will offer the same functionality that is presently available in BEACON, including a full range of exchange trading and clearing services. BEACON REMOTE is the first all-inclusive remote access trading system offered by a U.S. stock exchange. Beta testing is scheduled to begin at select customer sites in September 2000.
"BEACON REMOTE will enable the BSE to offer both floor-based and electronic-based trading environments to our customers," said James B. Crofwell, president and chief operating officer of the Boston Stock Exchange. "Our current headquarters at 100 Franklin Street in Boston will continue to house floor brokers and specialists in a centralized trading facility, but, now, BSE members will also have the option to establish off-floor trading operations. BEACON REMOTE opens up new ways for firms to configure their specialist trading business."
The BSE has selected Savvis Communications Corporation to provide the managed IP network that will support both voice and data communications for remote customer sites, enabling off-floor specialists to communicate verbally and trade with the BSE trading floor. The BSE will be able to leverage Savvis' existing connections to thousands of financial institutions worldwide to allow customers to establish new specialist trading sites in numerous locations quickly and cost-efficiently.
About SAVVIS
SAVVIS Communications Corp. (NASDAQ: SVVS) is the premier service provider of Intelligent IP solutions, and the first to deliver Internet economics to private IP networks. As a result, the benefits of high-end private networks are now accessible to small and medium-sized businesses, while the Fortune 1000 can be more nimble in the execution of their e-commerce strategies. SAVVIS' state-of-the-art global IP platform provides a full range of customer-specified Internet, Intranet and Extranet networks, combining the flexibility and fast time-to-market of the Internet, with the QoS, security and reliability of Private IP networks. For more information about SAVVIS and its Intelligent IP networking, visit our website at http://www.savvis.net.
About the Boston Stock Exchange
The Boston Stock Exchange, Inc. (BSE) is a premier, national equities exchange that offers exceptional market quality, highly specialized products and services, innovative technology and outstanding customer service to the investment community. Long regarded as New England's exchange, the BSE has from its beginnings played an important part in the development of the region's financial markets, serving public companies, investment institutions, and brokerage firms. Also important is the vital role the Exchange performs today as a national, competitive exchange within the strongest capital market system in the world. The BSE trades over 20 million shares each day. Additional information about the BSE can be found at www.bostonstock.com.
