Brut provides connectivity to Nasdaq InterMarket
07 May 2002 | 3297 views | 0
Alternative trading system Brut has begun trading US listed equities through Nasdaq InterMarket.
Institutional investors, market makers and other professional traders can now access all major market centres in US exchange-listed securities, via the Brut Workstation or a direct FIX connection.
When Brut receives an order for a listed security, it immediately checks for a match within the Brut book. If no match is available, the order is simultaneously exposed to members of Nasdaq InterMarket via Nasdaq's Computer Assisted Execution System (Caes), and the regional US securities exchanges - including the NYSE and Amex - via the Intermarket Trading System (ITS). Brut participants also have the option of routing orders directly to the floor of the NYSE and Amex via the Designated Order Turnaround system (DOT).
Richard Schenkman, chief executive officer of Brut, says: "With Brut's connection to Nasdaq InterMarket, our customers can now access all major Nasdaq and listed market centers, as well as Brut's Nasdaq and listed liquidity, from a single integrated desktop."
In February, Brut became the first ECN authorised by the SEC as a customer limit order display alternative, enabling Nasdaq market makers with access to Brut to comply with SEC order handling rules while making markets in listed securities.