NYFIX, Inc., the Industry's Leading Network for Electronic Trading, Reports Expansion of NYFIX Millennium L.L.C. Partnership.
STAMFORD, Conn.--(BUSINESS WIRE)--March 19, 2001
NYFIX, Inc. (NASDAQ: NYFX) announced that its broker/dealer affiliate, NYFIX Millennium L.L.C., has successfully commenced a strategic expansion plan to include several more leading US financial institutions as advisors and shareholder members in the NYFIX Millennium L.L.C. partnership. NYFIX Millennium is pleased to announce that it has closed the first new memberships with additional closings and funding expected in the near term.
This expansion precedes an aggressive marketing campaign scheduled to commence in April 2001, together with other initiatives targeting the development of a substantial increase in the industry awareness of the benefits of the NYFIX Millennium Alternative Trading System (ATS).
"While some elements of the markets' operations have always been a point of contention, the advent of decimal trading has highlighted key issues and is pushing the tolerance of the institutional trading community. We think the NYFIX Millennium Model is most timely and the NYFIX trading network and team provides solid leverage to the situation. We see our participation in NYFIX Millennium as a direct investment in our commitment to provide our clients with the highest level of trade execution quality and service available," commented James W. Whelen III, Head of Listed Trading at First Union Securities, a new NYFIX Millennium L.L.C. partner.
NYFIX Millennium, in addition to its execution facilities, is the first ATS (ECN) to provide simultaneous broad access to the liquidity of the traditional listed markets via the NYFIX order routing network. "While we bring record order routing volume and Millennium's unique capability to allow the market exposure of large blocks of shares without causing pre-market impact, the current partners and new members of the team bring trading expertise, share volume and market visibility to the table," said Peter K. Hansen, Chief Executive Officer and President of NYFIX, Inc.
Although the details of the agreements were not disclosed, the expansion is a round-table style investment, with each partner contributing two million dollars. NYFIX, Inc. secured certain provisions to maintain its ownership ratio relative to the overall partnership.
NYFIX, Inc. (NASDAQ: NYFX) develops and markets advanced electronic trading systems to brokerage firms, international banks and global exchanges trading in equities and derivative instruments. The Company's NYFIX Network, a combined FIX (Financial Information eXchange Protocol) and Exchange Access Network, enables users to electronically communicate trade data among the buy-side, sell-side, and exchange floor environments. NYFIX is one of the financial community's fastest-growing intranets. With more than 1500 high-speed circuits and alternative routes, NYFIX processes approximately 400 - 750 million shares of equity order flow on a daily basis.
NYFIX Millennium L.L.C., the Broker-Dealer affiliate of NYFIX, Inc., is an Alternative Trading System (ATS) which aims to provide investors with a valuable tool for achieving best execution. NYFIX Millennium seeks to help investors achieve price improvement, ensure anonymity and reduce market fragmentation through the electronic linkage of various liquidity sources, including exchanges and ECNs. NYFIX Millennium complements the existing market structure while eliminating many of its inefficiencies. NYFIX Millennium leverages the NYFIX network's large order routing share volume to provide a more efficient liquidity source for the financial community. Original investors in NYFIX Millennium, L.L.C. include NYFIX, Inc., Deutsche Bank, ING Barings, Lehman Brothers, Morgan Stanley Dean Witter, Sanford C. Bernstein & Co., Inc., SG Cowen Securities Corp. and UBS Warburg.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to market and develop its products. Although the Company believes that the assumptions underlying the forward-looking statements contained herein arereasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.
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|Date:||Mar 19, 2001|
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