Friday, October 1, 1999
Clearwater, Florida- NexTrade ECN today announced that it will become the ninth electronic trading system in the recently announced consortium of ECNs created to link and share data to provide after-hours investors access to the best executions available. The ECNs (Electronic Communications Networks) have taken the initial steps to create a network that will provide a more transparent after-hours market for investors.
"We are pleased to be the newest member of this consortium because we believe in the spirit of this agreement," says Mark Smith, Director of Strategic Relations for NexTrade. "Our major concern is to provide the small retail investor equal access to the best execution in the after-hours market space."
"We also look forward to working with the National Market System committees in order to facilitate interaction between after hours participants and National Market System participants," said Richard Levin, General Counsel for NexTrade.
About NexTrade: 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 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. NexTrade plans to derive additional after-hours liquidity internationally through its partnership with Globalnet Financial (GLBN).
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