Nasdaq to terminate Primex Trading agreement

Nasdaq to terminate Primex Trading agreement

Nasdaq has terminated its licensing agreement for Primex Trading's auction system and is consolidating electronic trading within its own application, SuperMontage.

New York-based Primex Trading was formed by securities industry brokerage firms and investment banks including Merrill Lynch, Salomon Smith Barney, Goldman Sachs and Morgan Stanley.

Nasdaq says it will no longer use the Primex Auction System as of 16 January 2004.

Primex Trading says the termination of the agreement will free it up to market the patent-pending technology to new partners.

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