Nasdaq launches multi-exchange trading system

Nasdaq launches multi-exchange trading system

The Nasdaq Stock Market has launched a consolidated platform for trading shares across competing exchanges.

The new platform - dubbed Nasdaq Market Center - encompasses SuperMontage, CAES, Intermarket, and the Automated Confirmation Transaction Service (ACT). Developed for the trading of dual-listed securities it incorporates recent Nasadaq system enhancements such as FIX, anonymity, and Multiple Participant Ids (MPID).

It also has the capacity to trade all Nasdaq and NYSE-listed and Amex securities "in the event of a crisis", states the exchange.

Chris Concannon, EVP, Nasdaq, comments: "With many firms moving towards sectoring their desks, Nasdaq's new trading system gives traders the ease of using one screen to trade both Nasdaq and Nyse securities with the benefit of numerous functionality features while keeping costs down."

The launch of the system marks the latest step in Nasdaq's attemtps to recover from its recent market woes by stealing volume from troubled competitor exchange Nyse. In January, the Nasdaq announced that six Nyse-listed companies would dual list their shares on Nasdaq.

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