NYFIX Millennium recruits more bank backers

NYFIX Millennium recruits more bank backers

Banc of America Securities, JP Morgan & Co. and JP Morgan H&Q (formerly Chase H&Q) have joined the NYFIX Millennium Partnership, an interdealer-broker and alternative trading system.

With these newest members, the Partnership now numbers 11 financial institutions, including Deutsche Bank, ING Barings, Lehman Brothers, Morgan Stanley Dean Witter, Sanford C. Bernstein & Co, SG Cowen Securities and UBS Warburg. This expansion coincides with the ongoing roll-out of the NYFIX Millennium ATS to the broker/dealer community.

"We view our investment in NYFIX Millennium as an important strategic initiative. It has the potential, in our minds, to provide clients with an additional option for improving price, and ultimately, best execution," says a senior official at JP Morgan & Co.

Millennium aims to help investors achieve price improvement, ensure anonymity and reduce market fragmentation through the electronic linkage of various liquidity sources, including exchanges and ECNs. It is majority-owned by NYFIX Inc, a supplier of trading systems to wholesale financial market participants.

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