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SPRINT TO HELP BROKERS WITH NEW ELECTRONIC TRADING SYSTEM

 KANSAS CITY, Mo., June 14 /PRNewswire/ -- Sprint (NYSE: FON) and Merrin Financial Inc., a leading provider of PC-network based electronic trading systems, announced today an agreement to provide the first fully automated electronic trading system for Wall Street brokers and money managers.
 Merrin Financial has selected Sprint's SprintNet public data network for its InterMarket Trading Network. ITN will electronically connect money managers and traders to participating brokerage/execution systems, which execute trades on exchanges such as the NASDAQ, NYSE and American.
 The Merrin contract with Sprint is for three years. Major Wall Street firms supporting and participating in ITN include: Merrill Lynch & Co., Salomon Brothers, Morgan Stanley & Co. and PaineWebber Incorporated.
 Also participating in this venture will be Fidelity Investment's Investors Liquidity Network product, Investment Technology Group's POSIT system and the Arizona Stock Exchange.
 Using ITN and the Merrin Financial Trading Platform, institutional money managers can electronically create simple or complex trades and then electronically send them to any number of participating brokerage firms for electronic execution. Once the trades are executed, the ITN system updates all clearing, custody, back-office, inventory, portfolio and accounting systems at both the broker's, and money manager's sites.
 SprintNet -- one of the world's largest global value-added data networks -- will provide the data path for electronic communication. Without Sprint and Merrin Financial, each institution would need to maintain and support a dedicated communication line to every participating broker at a cost estimated to be more than five times the cost of communication using the ITN. With Merrin's ITN, each money manager will have a single communication line, which will serve as a gateway to all brokers on the ITN Network.
 "We're proud to provide this service with Sprint, an industry leader in data communications technology and services," said Seth Merrin, president of Merrin Financial. "We know that as the ITN matures and requires higher speeds and more capacities, Sprint has the capabilities and services available."
 "Sprint already provides data communications services to many of the major Wall Street firms," said Kevin E. Brauer, president of Sprint's Business Market Group. "But we're excited about the ITN network because it will provide Wall Street firms another electronic interface to better serve their customers."
 Merrin Financial Inc. of New York is the leading provider of PC-network based institutional order management and electronic trading systems for the securities industry. Institutional money management organizations managing up to $1 trillion in their aggregate, as well as brokerage firms, use the Merrin Trading Platform. In addition to handling an estimated 30-50 million shares a day, or 10 to 15 percent of all U.S. daily equity trading volume, the Merrin Platform is used to trade more than 20 percent of all money market assets and a total of $300 billion of U.S. fixed income assets.
 Sprint is a diversified international telecommunications company with more than $10 billion in annual revenues and the United States' only nationwide all-digital, fiber-optic network. Its divisions provide global long distance voice, data and video products and services, local telephone services to nearly 6 million subscriber lines in 19 states, and cellular operations that serve 42 metropolitan markets and more than 50 rural service areas.
 -0- 6/14/93
 /NOTE: SprintNet is a registered trademark./
 /CONTACT: Norman Black of Sprint, 404-859-6096 or, after hours, 404-578-0679; or Gary Fishman or Kiersten Wolf of The Hudson Stone Group, 212-983-8550/
 (FON)


CO: Sprint; Merrin Financial Inc. ST: Missouri IN: TLS CPR SU: CON

TW -- DC012 -- 1584 06/14/93 11:08 EST
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Publication:PR Newswire
Date:Jun 14, 1993
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