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Pipeline Trading Systems receives NASD approval

06 February 2004  |  362 views  |  0

Pipeline Trading Systems, a New York-based provider of high-performance trading technology, today announced it has received approval of its application for broker/dealer status from the National Association of Securities Dealers (NASD).

The Pipeline ATS is built around a hidden order book designed to enable institutions to anonymously negotiate large blocks of NYSE-listed companies, Nasdaq stocks, and exchange traded funds (ETFs). Pipeline's book operates without revealing bids or offers, resulting in complete anonymity and without leaking information to the marketplace that can result in front-running, penny jumping or backing away. It is currently in Beta testing with many of the top 20 institutions.

"We are pleased to receive NASD approval to operate as a broker/dealer," said Fred Federspiel, president of Pipeline Trading Systems. "We are receiving very positive feedback from institutions who are integrating and testing Pipeline, we are forging some important alliances with OMS providers, and we look forward to going live in the next few months."

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