A New Online Marketplace Is Being Launched for Dealers To Swap American Depository Receipts
A new online marketplace is being launched for dealers to swap American Depository Receipts (ADRs) and their respective underlying ordinary shares (ORDs) of foreign stocks. ADR Swapbook is an interactive, real-time matching service that offers automated transactions and settlements with a lower fee structure than is required for traditional ADR/ORD conversions. The electronic market is being launched as a unit of credit-ex Inc., the supplier of a leading trading platform for credit derivatives, called Real-time, which is powering the new ADR system.
Euronext life Chooses Interxion for Network Infrastructure
Euronext.liffe - the Pan-European exchange - has chosen Netherland's based Interxion to host and manage its mission critical network infrastructure. The exchange will collocate its network infrastructure at Interxion's sites so that in the event of a network connection failure, an alternative carrier will seamlessly takeover the processing. Interxion has over 20-carrier-netural data centers in 11 countries throughout Europe.
Nasdaq Nabs Instinet Execs
Nasdaq recruited four out of five of its new sales directors away from rival ECN Instinet. The new recruits are John Denza, Drew Krichman, Kathleen MacGilvray, and Chris Siclare. Allison Merna, the fifth new hire, joins from OM Technologies where she was responsible for new business sales of transaction technology in the United States. All five will report to Steve Blatney, vice president of Nasdaq Transaction Services.
Guzman Licenses Aegis Software
Guzman & Company, a Miami-based member of the New York Stock Exchange, licensed Exchange Simulator 3.3, an automated test environment from Aegis Software. The trading software helps firms verify their internal order management systems against simulations of FIX and CMS-based exchange and electronic communications networks (ECNs). The new release, announced this week, includes testing of advanced NYSE trading features, such as: Broker Booth Support System (BBSS), Institutional Xpress orders; Convert and Parity (CAP-DI_orders and FIX 4.2 support customized for NYSE trading. Simulations of leading ECNS such as Archipelago, Island and Instinet are also supported. Futures versions will support testing of protocols used by Nasdaq SuperMontage and ACT reporting.
Rolfe & Nolan Names Herder Order Management SVP
Rolfe & Nolan Systems Inc. (R&N) named Bill Herder senior vice president - order management in a newly established position. Herder will be responsible for R & N's order management business, including product development strategy, client services, account management and exchange relations. Herder has spent 10 years in the futures and options industry and recently held positions with front end and back-office systems-providers.