The Nasdaq Stock Market has named 1 April as the start-date for second phase rollout of the Primex Auction System, its new hybrid auction-dealer market.
On the first trading day in April, Nasdaq will make available all securities included in the S&P 500 on the system. Two weeks later, on April 15, trading will expand to the top 1000 Nasdaq-listed securities based on market capitalisation and the three popular Exchange Traded Funds (ETF) - the Nasdaq-100 Trust Series, the SPDR Trust Series, and the Diamonds Trust Series.
Dean Furbush, executive vice president, Nasdaq transaction services, comments: "As Nasdaq adds additional securities, more broker/dealers will be able to experience the benefits of the system's exposure process, which creates opportunities for increased participant interaction and for better prices."
Currently, the Primex Auction System offers trading in all components of the Nasdaq-100, the S&P 100 and the Dow Jones Industrial Average.
So far, 60 broker/dealers have registered as Primex Auction System participants.