NASADQ trimming the fat....

Discussion in 'Order Execution' started by qazmax, Nov 4, 2003.

  1. qazmax


    Additional initiatives NASDAQ plans to discontinue include:

    The Bulletin Board ExchangeSM (BBXSM) — BBX was a proposed listing platform for companies not eligible for listing on the NASDAQ SmallCap MarketSM to raise equity capital and increase the visibility of their stock. The Over the Counter Bulletin Board (OTCBB) will continue its existing operations.

    NQLX — NQLX is a joint venture with the London International Financial Futures Exchange (LIFFE) to create a market for single stock futures and other futures products. NASDAQ has agreed that it will forgo its stake in the joint venture and transfer its ownership interest to LIFFE, which will assume financial and management responsibility for the business. It is not expected that this change will have any impact on the operation of NQLX. Usage of the NASDAQ brand by the company will cease.

    Liquidity TrackerSM — Liquidity Tracker is an automated order routing system designed to allow traders to direct orders to specific market makers based on recent trading activity. Liquidity Tracker will cease operation on July 1, 2003.

    NASDAQ ToolsSM — NASDAQ Tools is an order management system, which runs on the NASDAQ Application Programming Interface (API) using the NASDAQ Workstation II®.

    As a result of these changes, NASDAQ will eliminate approximately 80 positions. NASDAQ is in the process of calculating charges associated with the discontinuation of these products and NASDAQ anticipates reporting such information as part of its second quarter 2003 earnings announcement.