Broker/dealer Nyfix Millennium says it will be ready to commence conditional order entry and trade matching in its alternative trading system (ATS) on 5 September, 2001.
The system itself is already operational and has processed several billion pass-through shares during market hours in preparation for the September deadline.
"We have exceeded our goals for pass-through order flow volume through the month of August, with days in excess of 200 million shares. With this high level of pass-through volume in place and increasing customer support for our execution concept, we expect to develop a solid ramp-up in high quality trade matching," says Peter Kilbinger Hansen, chief executive officer of Nyfix.
Since 1 July, 2001 the company claims to have signed ten new agreements with non-partner firms to utilise the Nyfix Millennium ATS.