Since the completion of its acquisition on September 7th , NASDAQ has integrated the Brut sales force and service offerings and has begun the technology integration of the Brut system.
NASDAQ is committed to being the most competitive price leader in the market services industry and is furthering its commitment by announcing additional price cuts.
The newly integrated NASDAQ sales force, led by Brian Hyndman Senior Vice President of NASDAQ Transaction Services, has combined both NASDAQ and Brut customer accounts for a seamless customer service transition. Furthermore, the first phase of the technology integration is underway to develop a “virtual book” of liquidity that will provide enhanced execution quality for both NASDAQ and Brut system users. This phase of the integration is anticipated to be completed in the first quarter of 2005.
Chris Concannon, executive vice president of NASDAQ, stated, “NASDAQ is pleased with our smooth customer integration and connectivity progress thus far. We have begun to take preliminary steps to develop a virtual book that will result in better executions for NASDAQ customers. Our customers are already beginning to see the benefits of this acquisition with deeper liquidity and competitive pricing. We will be focused on completing the integration to bring customers enhanced connectivity at the lowest prices in the industry,” added, Mr. Concannon.
As part of the renewed sales focus, Jennifer Geissel, Senior Managing Director, NASDAQ Transaction Services, will report to Brian Hyndman and is responsible for overseeing the day-to-day activities of NASDAQ and Brut's newly integrated sales team. Brian will continue his role as President of Brut reporting to Chris Concannon, Executive Vice President.
Brian Hyndman, Senior Vice President of NASDAQ, commented, “This acquisition was a key strategic development for NASDAQ. Only now will our customers become the beneficiaries of the enhanced liquidity at a dramatically reduced cost. Together, NASDAQ and Brut are providing customers with a neutral trading venue that is fast, anonymous, and liquid without competing with our customers for institutional order flow,” added Mr. Hyndman.
The price reductions are not expected to be material to NASDAQ's overall operations.
NASDAQ is the largest U.S. electronic stock market. With approximately 3,300 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at www.NASDAQ.com or the NASDAQ Newsroom at www.NASDAQ.com/newsroom/.
