With reports from Nasdaq, ITG, IXnet and TIBCO Finance Technology, Interactive Brokers LLC, and Deutsche Bank AG and ABN Amro Holding.
Nasdaq has delayed the launch of an after-hours pricing session until October 11th. The SEC is continuing to question rules governing the extending of Nasdaq's operating systems from 4 p.m. to 6:30 p.m. Nasdaq's delay could also affect plans to keep pricing systems at the New York Stock Exchange open later. The pricing systems Nasdaq intends to keep open later are SelectNet, its order routing system, and the Automated Confirmation Transaction service.
Investment Technology Group (ITG) is following suit and moving into the after-hours market with the announcement that its Posit crossing system will add sessions. In addition to its six matching sessions throughout the day, Posit will add post-market matchings at 4:30, 5, 5:30 and 6 p.m. During these sessions, Posit, which currently trades about 25 million Nasdaq and NYSE shares per day, matches buyers and sellers at a price based on the best bid and offer. ITG is expecting to begin after-hours operations on October 18th, pending approval by regulators.
IXnet and TIBCO Finance Technology announced the formation of a strategic alliance to create an "intelligent global financial extranet. Under the agreement, TIBCO will take an equity interest in IXnet, which provides a global extranet for the financial services community. Leveraging IXnet's global network and TIBCO's financial software for e-finance, the two companies will form a scalable network to deliver applications and data to customers. As part of the alliance IXnet will offer TIBCO products to its clients and TIBCO will offer IXnet's network and hosting services to its clients.
Greenwich, Conn.-based Interactive Brokers LLC (IB) is adding new technology for automated, best price execution for U.S. equity options trading on multiple exchanges to its electronic brokerage platform. The feature, on IB's Interactive Trader Worskstation, will continually scan competing markets and automatically route orders to the best price. A similar application was recently introduced for Nasdaq issues. Clients can access Interactive Brokers network through the Internet, a dedicated line or computer-to-computer links.
Deutsche Bank AG and ABN Amro Holding say that they are talks with a group that controls 54 percent of Tradepoint Financial Network, the U.K. electronic stock-trading system.