Press Releases

Frank J. Wilson, Esq., Former Executive Vice President and General Counsel of the NASD and NASDAQ Joins NexTrade As Consultant

Contact: Mark Smith / NexTrade

Thursday, August 26, 1999

Clearwater, FL (August 26, 1999) - NexTrade, operator of NexTrade Electronic Communications Network (ECN), announced that it has retained Frank J. Wilson, former Executive Vice President and General Counsel of the National Association of Securities Dealers, Inc. (NASD) and the NASDAQ Stock Market (NASDAQ), as a consultant to work with the company in seeking approval from the United States Securities and Exchange Commission (SEC) to operate as an electronic stock exchange.

"I am impressed with NexTrade's strategy for creating a new stock exchange, and I am looking forward to working with it in finalizing its exchange application, and merging it into the National Market System, " said Mr. Wilson.

Mr. Wilson joins NexTrade after a lengthy career in securities law and regulation spanning almost four decades. Since his retirement from the NASD in 1991, he has been actively engaged as a consultant in capital market projects both domestically and internationally. During Mr. Wilson's tenure at NASD and NASDAQ, he held a number of positions, including responsibility for their regulatory and arbitration programs. NASD has since created a subsidiary corporation to discharge these functions, NASD Regulation, Inc. As General Counsel, Mr. Wilson was NASD's and NASDAQ's chief legal counsel for 15 years until his retirement. He was also actively involved in the drafting, approval and implementation of the National Market System plans, such as the Consolidated Quotation System Plan (CQS), the Inter-market Trading System Plan (ITS), the Consolidated Tape Association (CTA) and the Unlisted Trading Privileges Plan, and was a member of their Operating Committees.

"Everyone at NexTrade is very excited to be working with Frank because he brings nearly forty years of experience in the regulation of financial markets to the NexTrade team," said Richard Levin, General Counsel for NexTrade. "NexTrade is actively pursuing approval from the SEC to operate an affiliate of NexTrade as a stock exchange and Frank will provide invaluable assistance in this effort. Frank will also provide the expertise necessary to facilitate the proposed new stock exchange's integration into the National Market System plans."

NexTrade, based in Clearwater, Florida, is one of nine SEC-approved Electronic Communications Networks (ECN) operating in the United States. As an ECN, NexTrade allows institutional customers to anonymously trade securities without the involvement of a principal broker/dealer. NexTrade has the distinction of being the first and only ECN to offer 24-hour trading through participating broker/dealers. NexTrade caters to virtually all types of financial institutions including market makers, mutual funds, hedge funds, other buy-side firms, on-line broker/dealers and traditional brokerage firms. NexTrade is an all-inclusive, vertically integrated provider of global on-line financial products and services.

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