Commentary

Richard Repetto
Traders Magazine Online News

Why Do Exchanges Own Multiple Licenses? It's Not Hard To See, Look at the SEC

In this recent research note, Sandler O'Neill + Partners, L.P. Principal Richard Repetto examines why the public exchange operators hold multiple licenses and that rationale behind this phenomenon.

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April 30, 2003

Another ECN in OTC Drama

By Staff Reports

Is it another pending blow to Nasdaq and the SuperMontage?

Some will see it that way. Brut ECN may eventually move all of its internalization business to the Boston Stock Exchange in a cost-saving move.

Brut, owned by SunGard Data Systems, has been a major client of the SuperMontage. But Brut said it is considering the same strategy as Island/Instinet, which is recording its OTC transactions at the Cincinnati Stock Exchange.

Nevertheless, the Boston exchange said it had delayed the rollout of its planned Nasdaq stock trading program, casting doubt about the move planned earlier by Brut. In a recent letter to subscribers, Brut had said the switch would not hurt execution standards.