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April 1, 2002

SuperMontage Man Quits for New Post

By Gregory Bresiger

Bruce Turner, a man closely identified with Nasdaq's SuperMontage project, has resigned to take over as head trader at CIBC World Markets.

"At heart, Bruce is a trader and he couldn't pass up the opportunity of a lifetime," said a spokesman for Nasdaq. The spokesman said Dean Furbush, Nasdaq executive vice president, will take over Turner's responsibilities.

Next Generation

Turner, a highly regarded veteran trader who had previously worked for Salomon Brothers, joined Nasdaq last July. His mission was to develop the next generation trading system.

Turner says SuperMontage is on track and "ready to go." The project is slated to have trials this summer and begin full operations in September, according to Nasdaq officials.

Nevertheless, a Nasdaq trader privately told Traders Magazine that Turner's departure is a "blow" for the SuperMontage.

"No doubt about it. It'd be a blow no matter who it was because for Nasdaq to have had a highly accomplished practitioner in that seat was a real strength," said the trader. He noted that Turner's departure before the launch of SuperMontage is not a good sign.

The Nasdaq spokesman dismissed this comment, saying that Turner had to take the job now because in two or three months the opportunity with CIBC would have been gone.