BRUT ECN Expands Services in Preparation for Trading of Listed Shares.Business Editors NEW YORK--(BUSINESS WIRE)--April 12, 2000 The BRUT ECN (Electronic Communications Network) A computerized, private financial trading system. Terra Nova Trading (www.terranovatrading.com) and Instinet (www.instinet.com) are examples. , the fastest growing electronic communications network, announced today it is offering two new services in connection with its decision to trade shares listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE See: New York Stock Exchange ) in the second quarter. The goal of the new service is to offer faster, lower-cost executions on both small and larger orders for BRUT's members. Small orders will be routed through the NYSE's Designated Order Turnaround (DOT) system to ensure instant execution. Larger trades that can benefit from a floor broker's intervention now will go through AXIS Global, an independent broker and BRUT's sister company. The BRUT ECN registered to trade "listed shares" - or those that normally trade on the NYSE - at the end of last year. The exchange voted in December to abolish its Rule 390 which hampered trading of NYSE stocks on other venues, such as BRUT. "Our goal is to provide our broker-dealer members and the institutions that they sponsor with the most efficient trading environment while continuing to support the relationships they have developed over the years," said Brian Hyndman, President of the BRUT ECN. "These relationships are mutually beneficial to both sides, providing brokers with valuable deal flow directed to them from the institutions and institutions with research and ideas from brokers. BRUT is the only ECN structured to facilitate those relationships, not circumvent them. By routing orders through DOT and AXIS Global, we are expanding our commitment to providing the best execution for both parties, not only on the standard limit orders we receive, but also on specialty orders," Mr. Hyndman added. About the Brut ECN The Brut ECN, headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , is a leading electronic communications network (ECN) approved by the Securities and Exchange Commission to act as an order display alternative. The Brass Utility L.L.C. (BRUT) is an operating unit of SunGard Data Systems, Inc. (NYSE:SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. ) which operates BRASS (Brokerage Real-Time Application Support System). BRASS is the industry standard, serving over 3000 desktop terminals in roughly 200 brokerage firms representing over 50% of Nasdaq volume. BRUT's equity partners, include among others: Bear Stearns (NYSE: BSC (Binary Synchronous Communications) See bisync. ); Bridge Trading Company; Goldman Sachs (NYSE: GS); Herzog Heine Geduld, Inc.; Knight-Trimark Group (Nasdaq: NITE); Lehman Brothers (NYSE: LEH); Merrill Lynch (NYSE: MER mer Among the Cheremi and Udmurt peoples of Russia, a sacred grove where people of several villages gathered periodically to hold religious festivals and sacrifice animals to nature gods. ); Morgan Stanley Dean Witter (NYSE: MWD MWD Metropolitan Water District of Southern California MWD Measurement While Drilling (oil drilling) MWD Morgan Stanley Dean Witter (stock symbol) MWD Molecular Weight Distribution MWD Military Working Dog ); and Salomon Smith Barney (NYSE: C). |
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