Nasdaq Announces SEC Approval of the OptiMark® Trading System

The Nasdaq Stock Market® today (September 30) announced that the Securities and Exchange Commission (SEC) has approved Nasdaq's request to integrate the OptiMark® Trading System into its existing trading network. The Nasdaq application of the OptiMark Trading System (Nasdaq/OptiMark application) will begin trading Nasdaq securities on October 11, 1999, with an initial set of 10 symbols selected from the Nasdaq-100® . After a two-week trading period, Nasdaq plans to commence trading the full Nasdaq-100 securities. By year-end, the number of symbols traded will move to 250 of the most active Nasdaq securities. The Nasdaq/OptiMark application, developed by OptiMark Technologies, Inc., of New Jersey, was integrated into the Nasdaq system by Nasdaq. It is an electronic matching system for trading equities providing an anonymous and confidential trading environment with the potential for reduced costs. With optimal matching capabilities, the application offers enhanced execution to institutions, market makers and traders alike. "Integrating OptiMark's technology into the Nasdaq market continues our efforts to improve the opportunities for investors to receive the best available price in the marketplace," said Frank G. Zarb, Chairman and CEO of the National Association of Securities Dealers (NASD®), the parent company of Nasdaq. "The SEC's approval of the OptiMark Trading System for Nasdaq is clearly a milestone for us," said Phillip Riese, Chief Executive Officer of OptiMark. "Clients-both institutions and market makers-are ready to use the system. The technology is in place and fully tested. Launching this application will create a winning combination for traders, and their clients, Nasdaq, and OptiMark." OptiMark Technologies, Inc., a privately held transaction services company, offers an innovative securities matching facility which is designed to increase the efficiency and lower the cost of trading. OptiMark's patented design offers traders a unique, confidential way to express their full trading interests without paying the typical market impact costs. OptiMark is headquartered in Jersey City, New Jersey. Additional information on the company is available at www.OptiMark.com. The Nasdaq Stock Market lists nearly 5,000 companies and trades more shares per day than any other U.S. market. Nasdaq is a subsidiary of the National Association of Securities Dealers, Inc. (NASD), the largest securities-industry, self-regulatory organization in the United States. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or the Nasdaq- NewsroomSM at www.nasdaqnews.com.