Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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Would you feel better if the Chicago Stock Exchange were purchased by U.S. firm or consortium rather than a foreign one?




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May 31, 1998

The AutEx Group

By Staff Reports

The AutEx Group is a Boston-based solutions developer for the automation of pre-trade processing and execution information for the global securities market. Its products are targeted toward buy-side and sell-side traders. Among the AutEx suite of products are:

* AutEX+, a global standard for electronic communication of pre-trade indications of interest and block-trading information for listed, Nasdaq and over-the-counter securities, American Depository Receipts and ordinary and convertible securities.

* AutEX+Web, a secure, Internet-delivered version of its equity trade-information service. AutEx+Web provides institutional users not on the front line of trading an additional liquidity tool without any investment in hardware or software.

* TradeRoute, a private, dedicated network that connects investment managers directly to more than 32 broker dealers and alternative sources of liquidity. Using a personal computer, investment managers access TradeRoute from TradeRoute+, vendor order-management systems and in-house management systems.

* MatchPoint, which allows AutEx+ users to directly access State Street Brokerage's Lattice trading system through their TradeRoute+ order-entry screens. The system allows orders to be electronically routed via TradeRoute's dedicated network to State Street's Lattice Match system, providing access to Lattice's internal book.

* BlockDATA/BlockONLINE, a global trade-information source for institutional-trade information, the reporting service of the AutEx+ network. BlockDATA, and its online service BlockONLINE, generates customized reports on trade activity as advertised over AutEx, focusing on specific securities, brokerage firms and industries.

Instinet Corporation, a subsidiary of London's Reuters Group PLC, provides agency brokerage services in global equities to securities professionals in more than 30 countries, delivered primarily through sophisticated computer technology.

Instinet provides its equity transactions and research services to a global base of institutional fund managers and plan sponsors, other broker dealers and exchange specialists. Founded in 1969, Instinet was acquired by Reuters in 1987, and now has offices in eight key financial centers worldwide.

Instinet is registered with the Securities and Exchange Commission as a broker dealer and is a member of the National Association of Securities Dealers, all U.S. regional exchanges, the American Stock Exchange, the Chicago Board Options Exchange, the European Options Exchange and stock exchanges in Frankfurt, Hong Kong, London, Paris, Stockholm, Toronto and Zurich.

As an agency broker, Instinet said it remains neutral in its transactions, neither buying nor selling for its own account. Its only business is providing brokerage services for the benefit of its customers through its application of computer and communications technology.

For Instinet's customers, the primary benefit of using Instinet as their broker is the ability to reduce trading or transaction costs, and in doing so, improve investment performance.

The Nasdaq Stock Market hardly needs an introduction. But its large capital investment in new technology is worth noting.

Employing elaborate computer and telecommunications networks, Nasdaq facilitates the trading and surveillance of more than 5,000 securities. Brokerage firms across the U.S. are able to compete freely via a floorless, screen-based trading environment to execute transactions quickly and efficiently.

Over the last 25 years, the world's first electronic stock market has propelled the securities industry into the 21st century, with its innovative market structure. The average daily share volume on Nasdaq has soared higher than any other stock market in the world. Now, more than half of all equity shares traded in the U.S. every day are traded on Nasdaq.

Nasdaq's web site (www.nasdaq.com), provides market participants a valuable world of trading data, trading services and Nasdaq news.