Clearwater, FL (January 31, 2000)
Richard Levin, General Counsel of NexTrade said, "We have been working on the proposed NexTrade Exchange's application for nearly one year and have been discussing the application with the Commission since March of 1999. The filing of the formal application represents the culmination of months of work by NexTrade Holdings to provide the Commission with a blueprint for the corporate and regulatory structures for the proposed NexTrade Exchange. The proposed NexTrade Exchange application represents a substantial step towards the goal of being the first for-profit electronic stock exchange approved by the Commission in nearly thirty years."
"We look forward to working with the Commission, the National Market System Plan Committees and the public as part of continuing discussions about the proposed NexTrade Exchange," said John Schaible, President of NexTrade. "The proposed NexTrade Exchange owners will include for-profit members, issuers and the public. When compared to existing exchanges, the proposed exchange will have greater public and issuer involvement. We also envision a greater role for small to medium sized broker-dealers."
NexTrade, based in Clearwater, Florida, is an Internet technology firm committed to building the world's finest electronic securities trading systems. NexTrade is an SEC-approved Electronic Communications Network (ECN), and was the first ECN to offer global 24-hour trading through participating broker/dealers. NexTrade serves a variety of financial institutions including market makers, mutual funds, hedge funds, other buy-side firms, on-line broker/dealers and traditional brokerage firms. NexTrade has developed proprietary software, Pro-Trade™, which allows retail clients of sponsoring firms to enter trades for execution on the NexTrade ECN. In 1999, NexTrade developed the world's first internet-based spot foreign currency trading platform, Matchbook FX, of which it is one-third owner.
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