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Spoofing, Surveillance and Supervision

Jay Biondo, Product Manager - Surveillance at Trading Technologies, co-authored an article along with James Lundy and Nicholas Wendland, both of Drinker Biddle & Reath LLP, reviewing the CFTC's regulations and expanding efforts, 21st century surveillance and supervision, as well as strategic recommendations.

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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.