Commentary

Ronald Jordan
Traders Magazine Online News

Understanding Your Data is No Longer Optional

In this contributed article from Global Markets Advisory Group, the advisory discusses the importance of data and how organizations should augment existing skill sets and capabilities to add a data-focused perspective to their operating fabric.

Traders Poll

Do you expect SEC Chairman Jay Clayton to push for regulation in the cryptocurrency issuance and trading markets?

Yes

74%

No

5%

The CFTC will push for regulation

21%

Free Site Registration

May 31, 1999

CHX Flying High on Nasdaq Stocks

By Staff Reports

The Chicago Stock Exchange (CHX), the only auction market in the U.S. that trades Nasdaq stocks, is ramping up its effort and is set to replace the core trading system for the entire floor.

The Securities and Exchange Commission has approved CHX's application to trade an additional 500 Nasdaq issues, bringing the total number of over-the-counter stocks traded at the CHX to 1,000.

At the same time, the CHX is replacing its core trading system with a set of middleware products developed by IONA Technologies, an Irish-owned company listed on Nasdaq. IONA's Orbix will be used to enable different systems to work together at the exchange.

The new technology drive, coupled with CHX's efforts to increase its Nasdaq volume, could help CHX to tap more online Nasdaq order flow, experts say. CHX's share of Nasdaq order flow has grown enormously in the past twelve months, reaching some 140 million shares in April, compared to 20 million shares twelve months earlier. Trade volume in April was 440,697 shares compared to a year ago total of 12,475 shares.

"By continuing to provide low cost, high speed execution on the broadest array of stocks, the CHX has set the table for yet another record-breaking year," said CHX President Bob Forney.