The National Association of Securities Dealers (Nasd) has contracted with Swedish trading technology vendor OM for the delivery of an over-the-counter quotation and trade reporting facility.
The contract for NASD's Alternative Display Facility includes license, project and support of the system, which is scheduled for completion late in the second quarter of 2002. Financial terms were not disclosed.
Nasd approved new rules to establish an over-the-counter quotation and trade reporting facility in December. The ADF will allow registered NASD market makers and electronic communications networks to publish quotations for, and report trades in, listed securities but will not comprise automatic execution or order-routing functions.
Robert Glauber, chairman and CEO of the NASD, says: "OM will help the NASD fulfill its obligation of providing a facility that will display quotes and collect trade data for our members."