Nasdaq Launches The Optimark Trading System

The Nasdaq Stock Market® has launched the OptiMark® Trading System, making 10 initial Nasdaq securities available to Nasdaq market participants. The Nasdaq securities that over 100 trade-ready buy- and sell-side customers will be able to trade via OptiMark are: Dell Computer Corp. (DELL); 3Com Corp. (COMS); Apple Computer (AAPL); Starbucks Corp. (SBUX); Biogen, Inc. (BGEN); Siebel Systems, Inc. (SEBL); USA Networks, Inc. (USAI); Synopsys, Inc. (SNPS); Biomet, Inc. (BMET); PacifiCare Health Systems, Inc. (PHSY). 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, which provides an anonymous and confidential trading environment with the potential for reduced costs. With optimal matching capabilities, the OptiMark Trading System offers the opportunity for price improvement through enhanced execution to institutions, market makers and traders alike. To do this OptiMark creates a call market where trades are matched in cycles, which occur in 5-minute intervals. This is different from the continuous market where trades are matched continuously throughout the day. On October 25, Nasdaq will 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. On September 30th, 1999, the Securities and Exchange Commission (SEC) approved Nasdaq's request to integrate the OptiMark Trading System into its existing trading network. 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.