Investors and traders using MarketXT are now able to set the inside quote in exchange-listed securities, as they have been able to do with Nasdaq® stocks since 1997. They are also able to match their specific buying and selling interests directly with each other at prices equal to, and often superior to, the prevailing national consolidated best bid or offer (NBBO).
"We are pleased to have MarketXT join our growing roster of InterMarket Market Makers, ECNs, and Alternative Trading Systems," said Dean Furbush, executive vice president of Nasdaq Transaction Services. "MarketXT brings additional liquidity to our all-electronic trading environment, where a growing number of market centers compete directly with the national exchanges, and with each other, to meet the specific needs of the investing public."
Through its link with Nasdaq InterMarket, MarketXT's quotations - using the identifier LSPD - are shown to traders and investors worldwide on the Nasdaq Workstation II (NWII™) and on market data vendor terminals fed by the Consolidated Quotation Service (CQS) tape.
"MarketXT is committed to providing our customers with superior technology and access to all the major pools of liquidity that are necessary to optimize their trade executions," said Omar Amanat, President of MarketXT. "Listed securities are important to our clients and the Nasdaq InterMarket connection is a logical step in the continual expansion of our services."
Nasdaq InterMarket comprises Nasdaq market participants, such as Market Makers and ECNs, which quote and trade exchange-listed securities using their proprietary systems, Nasdaq technology, and the InterMarket Trading System (ITS). Through the Nasdaq Computer Assisted Execution System (CAES), participants are linked with each other and gain immediate access to each other's quotations. CAES also provides participants a means of accessing ITS, a system developed to link the exchanges and Nasdaq InterMarket.
"Nasdaq InterMarket offers a low-cost trading and high-quality venue for the trading of listed securities," said Wes McGrew, senior vice president of Nasdaq Alternative Markets. "The success of Nasdaq InterMarket has been, and will continue to be, rooted in the ability of its market participants to provide their customers with access to lower execution costs, improved efficiency, enhanced liquidity, near-instantaneous trade executions, and superior customer service."
About Nasdaq InterMarket
Nasdaq InterMarket is an electronic, quotation-driven marketplace that has a market structure similar to Nasdaq and is guided by the principles of direct competition and greater transparency. Participants compete to provide their customers with best executions in terms of price, speed of execution, fill rate, trading cost, or some additional service innovations - depending on what their customers value most - without the restriction of sending orders into a queue of a single floor specialist. For more on the Nasdaq InterMarket, visit www.intermarket.nasdaqtrader.com.
About MarketXT
As a technological leader in the area of institutional trading, MarketXT, Inc. provides investors with the competitive advantages necessary to thrive in today's market environment. MarketXT maximizes equity trading performance through a combination of exclusive proprietary technologies, experience and client service. MarketXT is a wholly owned subsidiary of Tradescape Corp., a next-generation electronic brokerage, execution and technology firm providing sophisticated and innovative trading solutions to both individuals and institutions. For more information, visit the MarketXT web site at www.marketxt.com.
About Nasdaq
Nasdaq is the world's largest stock market. With more than 4,000 companies, Nasdaq lists more companies and trades more shares per day than any other U.S. market. Over the past five years, Nasdaq has outpaced all other U.S. markets in listing IPOs. It is also home to category defining companies that are leaders across all areas of business including technology, retail, communications, transportation, media and healthcare industries. With operations on three continents, Nasdaq is a key driver of global capital formation. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or the Nasdaq NewsroomSM at www.nasdaqnews.com.
