Wedbush Morgan to deliver Nasdaq TotalView data over its Maximus platform
01 December 2004 | 465 views | 0
Source: Wedbush Morgan Securities
Wedbush Morgan Securities today announced professional traders, proprietary trading groups and hedge funds can now use Wedbush Morgan Securities' MAXIMUS Direct Market Access platform to execute market and limit-on-open and close orders using NASDAQ's Opening and Closing Crosses.
And, starting in early 2005, MAXIMUS will provide NASDAQ's TotalView data to give traders deeper insight into their trading interests to achieve best execution for their orders.
"Supporting NASDAQ Opening and Closing crosses and providing NASDAQ's TotalView data within MAXIMUS is part of our ongoing commitment to continually meet the needs of our professional trader and hedge fund clientele," said Harvey Cloyd, Vice President at Wedbush Morgan Securities. "Wedbush Morgan embraces new services and technologies that complement our business and enhance the overall suite of services and products we offer our clients."
"We are encouraged to see a firm the caliber of Wedbush Morgan Securities supporting NASDAQ's Opening and Closing Crosses and providing TotalView data. These offerings, which are increasingly being incorporated into leading direct market access platforms, are examples of our ongoing commitment to innovation that enables us to maintain NASDAQ's position as a trusted source of market information among investors and issuers," noted Adena Friedman, Executive Vice President of NASDAQ Corporate Strategy and Data Products.
The NASDAQ Opening CrossSM is a new process for pre-market open trading and price discovery. Launched in late September, the Opening Cross is a centralized order facility that provides market participants and investors with a highly transparent and accurate single opening price in NASDAQ-listed securities.
The NASDAQ Closing CrossSM brings together the buy and sell interest in specific NASDAQ stocks and executes all shares for each stock at a single price, one that reflects the true supply and demand for NASDAQ securities. Approximately 1,650 NASDAQ securities are included in the Closing Cross.
NASDAQ's premier data offering is TotalView, which provides investors with all displayed quotes and orders at every price level for each security in the NASDAQ Market Center. TotalView displays approximately 85-percent more depth than the NASDAQ Quote Dissemination Service (NQDS), also known as Level II. TotalView gives professionals and non-professionals trading information at all price levels, providing them with new opportunities to employ unique trading strategies.
The MAXIMUS Direct Market Access platform is an integrated end-to-end solution that optimizes securities transactions. By delivering speed of execution, flexibility, stability and reliability, MAXIMUS offers professional traders access to all the major sources of liquidity.