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April 30, 2002

Amex Strikes Back on Nasdaq

By Gregory Bresiger

Six specialist firms are each paying a $1 million startup charge to begin making markets in Nasdaq-listed stocks.

"Decimalization and reduced spreads have dramatically changed the economics of trading Nasdaq stocks. The Amex's trading system combined with its strong collection of equity and derivative traders will provide a competitive platform for trading Nasdaq stocks," according to John McGowan, president of Cohen, Duffy, McGowan & Co., one of the six firms included in phase one of the project.

The others that are also part of the project include Helfant Group, which is owned by Jefferies Group, Bear Wagner Specialists, Spear, Leeds and & Kellogg, Equitec Specialist and Performance Capital Group.

"Trading Nasdaq stocks on the Amex underscores our goal of providing institutions and broker dealers with easy access to deep liquidity across a diversified collection of products," said Salvatore Sodano, chief executive of the Amex.