Press Releases

NexTrade ECN Announces Non-Profit After-Hours Order Book

Wednesday, November 17, 1999

Clearwater, FL - NexTrade today announced that it is developing a Central Limit Order Book for the after-hours market open to all market participants. The proposed Central Limit Order Book, called the Central Trade Portal, Inc., ("CTP"), will be a non-profit corporation and will be open to all after-hours participants, including other ECNs, ATSs, exchanges, associations and broker-dealers.

CTP will publish its quotations and trades on the web, so that all investors can see and gain benefit from any participant's activity. Real-time, live streaming data will be made available to participants and the public. The CTP will be designed to minimize fragmentation of the after-hours market.

"NexTrade believes the CTP will be the best way for any investor who is involved in the after-hours markets to have a high degree of certainty that they are getting the best trading data and execution available. We want to voluntarily bring a degree of order to this market and reduce market fragmentation before the SEC steps in and forces it upon market participants," says Mark Yegge, Chairman of NexTrade.

"The current after-hours agreements are insufficient, and the overriding profit motive is preventing real progress. We have found the current proposals to link after-hours participants have the right spirit, but lack the substance to effectuate the stated goal of minimizing market fragmentation. NexTrade is setting aside its profit motive for the benefit of the public. The CTP will offer a free, central limit order book to all market participants that want to provide after-hours market data to their clients while gaining the benefit of a more liquid market and firm quotes. We encourage everyone to participate in the CTP including the Nasdaq, the New York Stock Exchange, broker-dealers, ATSs and other ECNs."

NexTrade and the Central Trade Portal, Inc., plan to host an After-Hours Conference on January 14, 2000, to discuss CTP membership, interface, and regulatory issues. All institutional extended hours participants are invited to attend. Items of discussion will include NexTrade's proposal to develop an after-hours market system that provides for (1) binding and firm quotations, (2) after-hours reporting standards, (3) a consolidated tape, and (4) the degree of anonymity, among other items of concern.

For more information or a copy of the Central Trade Portal Framework, contact Arlana Guckenberger at 727/446-6660.

NexTrade, based in Clearwater, Florida, is one of nine SEC-approved Electronic Communications Networks ("ECN") operating in the United States. NexTrade is a global provider of financial products and services, specially geared to electronic marketplaces and their benefits to the investing public. Website: www.NexTrade1.com


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