The Nasdaq Stock Market has announced that the Securities and Exchange Commission has approved its plan to integrate the Nasdaq Market Center and the Brut and Inet execution systems into a single trading platform.
The new system is geared towards providing improved execution quality and speed, while maintaining the attributes of Nasdaq’s Market Center, including market making functionality, attributed quotes, and the Opening, Closing and IPO Crosses.
Nasdaq says the integration will benefit investors by creating a single book of liquidity, resulting in increased order interaction, execution speed and fill rates.
We are combining the best functional elements and the liquidity from each of Nasdaq’s three systems, stated Nasdaq executive VP Chris Concannon.
The integration in Nasdaq-listed stocks will occur on a security-by-security phase-in, currently scheduled for August 28, 2006. Nyse, Amex and regional-listed securities will be integrated on a single date, currently targeted for October 1, 2006. On July 24, Nasdaq will make test stocks available for testing of the functionality of the new system.