NEW YORK, July 17, 2006 (PRIMEZONE) -- The Nasdaq Stock Market, Inc. (Nasdaq:NDAQ) today announced the Securities and Exchange Commission (SEC) has approved NASDAQ's plan to integrate the NASDAQ Market Center and the Brut and INET execution systems. The new system will provide improved execution quality and speed, while maintaining the attributes of the NASDAQ Market Center, including market making functionality, attributed quotes, and the Opening, Closing and IPO Crosses.
The integration will benefit investors by creating a single book of liquidity, resulting in increased order interaction, execution speed and fill rates.
"We are combining the best functional elements and the liquidity from each of NASDAQ's three systems," stated NASDAQ Executive Vice President Chris Concannon. "The result will be faster executions and increased order interaction. The integration will spur further innovation and accelerate NASDAQ's growth initiatives in both NASDAQ- and other exchange-listed trading."
NASDAQ system integration in NASDAQ-listed stocks will occur on a security-by-security phase-in currently scheduled for August 28, 2006. NYSE-, Amex- and regional-listed securities will be integrated on a single date, currently targeted for October 1, 2006. On July 24, NASDAQ will make test stocks available for testing of the functionality of the new system.
For more information about NASDAQ system integration, visit http://www.nasdaqtrader.com/trader/tradingservices/integration.stm.
NASDAQ is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit http://www.nasdaqfacts.com or the NASDAQ Newsroom at http://www.nasdaq.com/newsroom/.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the NASDAQ system integration and its benefits. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ's control. These factors include, but are not limited to factors detailed in NASDAQ's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.