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OptiMark links to Nasdaq
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October 1, 1999: 12:55 p.m. ET
With SEC approval, trade matching system will begin trial on Oct. 11
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NEW YORK (CNNfn) - The OptiMark trading system -- a computer-based trading system that matches buyers and sellers of stock -- will start operating through Nasdaq Oct. 11 following approval from the Securities and Exchange Commission.
OptiMark will begin with a trial run of 10 Nasdaq securities, including 3Com (COMS), Apple Computer (AAPL), Biogen (BGEN), Dell (DELL) and Starbucks (SBUX).
After two weeks, Jersey City, N.J.-based OptiMark will expand to include the Nasdaq 100 stocks, and plans to offer trading in the 250 most-active Nasdaq issues by the end of the year.
Because trading on OptiMark is anonymous, its target market is institutions that want to buy or sell large blocks of shares without alerting the rest of the market.
Though OptiMark uses technology similar to electronic communications networks, or ECNs, it will actually be part of Nasdaq rather than an independent broker dealer that operates through it. That gives it access to quotes from all the market makers and ECNs.
OptiMark already trades listed stock through an affiliation with the Pacific Stock Exchange, which it hooked into in January. The system matches trades every five minutes or more and allows what's sometimes called "three-dimensional trading," letting institutions create profiles with different volumes of stock they'd like to trade at various future prices.
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OptiMark
Nasdaq
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