The Nasdaq Stock Market, Inc. ("NASDAQ(R)") (BULLETIN BOARD: NDAQ) today announced a partner program for NASDAQ service bureaus and front-end providers that offer market participants order-entry and/or market making capabilities.
The program, which is scheduled to launch on March 8th, highlights Service Bureaus that provide optimal order entry and/or market making functionality to customers.
NASDAQ has rated each Service Bureau as Platinum, Silver, or Bronze. The rating system will be based on the level of service provided by these Service Bureaus such as:
- Enhanced order entry, market making, and order types
- Automated routing to NASDAQ
- New market enhancements in a timely fashion
The program, which will affect broker dealers that utilize third party software and connectivity to trade on NASDAQ, is aimed at giving market participants insight on Service Bureaus that provide the highest levels of access to NASDAQ.
"Given the numerous connectivity solutions available today, we initiated this program to assist NASDAQ market participants achieve optimal connectivity to the NASDAQ marketplace," commented Chris Concannon, Executive Vice President, NASDAQ Transaction Services. "Accessing NASDAQ in a highly automated platform is critical for customers looking to achieve best execution. We are happy to be partnering with these vendors, which will become certified based on NASDAQ's vigorous technological standards," added Mr. Concannon.
NASDAQ will classify each Service Bureau by level and by type: order-entry or market making. The list of Service Bureaus, a functionality list, and what level each Service Bureau has achieved: Platinum, Silver or Bronze is being issued today.
Platinum firms thus far include:
Market Making FirmsBloomberg - SSEOMSRoyal Blue - FidessaSungard - U2/BrassSungard - UMA/Brass
Order Entry FirmsDirect Access - InstaquoteE*Trade Professional - LightspeedGenesis Securities, LLC - LaserGlobal Brokerage Corp. - FastFillNexTrend Technologies, Inc.