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Brut's Bigger Nasdaq Bite

Traders Magazine, October 2003

Editorial Staff

What a difference a deal makes. Brut, a one-time also-ran in the ECN game, has pushed its way into the upper echelons of Nasdaq trading since its acquisition last year by SunGard Data Systems. Aggressive pricing, technology upgrades, customer diversification, corporate synergies and a critical legal maneuver have all combined to double its market share. Long stalled at about four percent, Brut has watched its share of Nasdaq trading rise to ten percent since the August 2002 deal. The ECN is gaining fast on market leaders Instinet and Archipelago - each with about 25 percent of the market - and on Nasdaq's own SuperMontage which has 16 percent.

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