The Nasdaq Stock Market is introducing a new platform - Nasdaq Workstation WebLink - to allow small order entry firms to route orders to market-makers via a Web browser and the Nasdaq ACES order-routing system.
WebLink ACES is priced at $199 per user, per month, and will allow firms to route orders to market-making firms, via a Web browser.
WebLink ACT will have identical functionality and pricing as the current Nasdaq ACT, which costs $150 per user, per month for trade report and trade scan, and $300 per user, per month for trade report, trade scan and risk management scan.
Kevin Carrai, associate vice president, Nasdaq transaction services, comments: "Nasdaq Workstation WebLink will allow market making firms of all sizes to compete for order flow and revenue more efficiently and cost effectively than ever before by allowing them to sponsor and pay for order entry firm access to route orders to them via Nasdaq ACES. The service also benefits order-entry firms since their orders can be sent directly into their market-maker's trading system, eliminating the need to call or send e-mail to have orders entered into the system."