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MERRIN FINANCIAL INTRODUCES THE FIRST AUTOMATED PC-BASED BROKERAGE TRADING SYSTEM

 NEW YORK, July 20 /PRNewswire/ -- Merrin Financial Inc. has developed a PC-based computer trading system for listed and over-the- counter traders and market makers providing a truly automated trading system. J.P. Morgan Securities (NYSE: JPM) is the first company to install the Merrin Brokerage System to automate every aspect of the OTC trading process, from real time positions through 90 second reporting, generation of the trading tickets and dissemination to back office accounting.
 Trades are sent electronically through the Merrin system, to Davidge Data's DavNet order routing network, for routing to NASDAQ, ACT (for clearing and 90 second price reporting), ACES (Advanced Computerized Execution System), SOES (Small Order Execution System), all listed exchanges, NASDAQ firms, market maker systems, and NYSE member firm routing systems. Once a trade is executed, clearing and price reporting are done automatically, inventory and P & L's are updated on-line, tickets are printed, and trades are sent electronically to back office clearing systems.
 "We've extended the reach of PC technology into an area that is vastly under automated," said Seth Merrin, president, Merrino Financial. "If firms have automated this area, it has historically been the realm of service bureaus and mini-computers which require very expensive hardware. Traders and market makers can become more profitable using the Merrin Brokerage Trading System to react faster to stock prices and cut overhead costs."
 "With Merrin, there are no paper tickets," said Scott Lazarz, associate, J.P. Morgan Securities, "and there's no need to input the same trading information into multiple computer systems to comply with NASDAQ rules and regulations. Merrin has streamlined our OTC trading process, saving us time and enabling us to increase the efficiency and productivity of our OTC business, without increasing our overhead costs."
 Under current systems, market makers must first write paper tickets, then enter the trade information into the NASDAQ terminal within 90 seconds to comply with the exchange reporting regulations. For traders, all trade data must be entered into the NASDAQ system by the end of the day. Later, this same information is generally rekeyed into the firm's back office accounting system.
 Merrin's Brokerage System costs about $50,000 a year in base configuration. To date, the only remotely comparable systems run on Stratus, Tandem, or other mini or main-frame computers or service bureaus. These systems can cost around $1 million for both hardware and software.
 The Merrin Brokerage System is another application of the Merrin Financial Trading Platform. The Merrin Platform is known for its ability to integrate virtually any portfolio management, back office/accounting and custodial/clearing system with most external quote, execution, and soon research systems -- creating a new platform for doing business for the securities industry. The Merrin Platform also provides trading solution for institutional money management firms, allowing them to trade most types of securities both domestically and internationally. The money management version can be enhanced by CompAlert, Merrin's before-the-fact compliance system.
 Merrin Financial, Inc. of New York is the leading provider of value- added, PC-network based institutional order management and electronic trading systems for the securities industry. More than 50 institutional money management and brokerage firms use Merrin Financial Trading Systems to manage more than $850 billion in assets. In addition to handling 30-50 million shares a day, or 10-15 percent of all U.S. daily trading volume, the Merrin Platform processes 20 percent of all money market assets and a total of $300 billion of U.S. fixed income assets.
 -0- 7/20/93
 /CONTACT: Seth Merrin of Merrin Financial, Inc., 212-563-3700, or Gary Fishman or Kiersten Wolf of The Hudson Stone Group, 212-983-8550, for Merrin Financial/
 (JPM)


CO: Merrin Financial Inc. ST: New York IN: FIN SU: PDT

TM -- NY007 -- 6657 07/20/93 10:00 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
Words:622
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