Free Site Registration

At Deadline

Traders Magazine, October 2004

Editorial Staff

Smart *NOCI, a division of the Attain ECN, is growing. The second of two books sponsored by Domestic Securities' Attain, NOCI has seen a sharp spike in Nasdaq volume. The NOCI book executed about 20 million shares per day during August and September, according to Nasdaq. That compares to less than five million in each of the first 17 of its 19 months of operation. Now NOCI is one of the top ten liquidity providers to the Nasdaq Market Center. This success is attributed to an August price cut and the Nasdaq takeover of Brut. NOCI charges traders two-tenths of a cent per share to take liquidity, the lowest of the five major books. NOCI does not offer rebates to liquidity providers, having signed agreements with several trading houses to supply liquidity, according to Domestic EVP Larry King. The exec says NOCI cut prices to attract smart-routing traders who are upset about the loss of an independent Brut.

Get access to this article and thousands more...

All articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, online technology directory, the iPad App, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and trading strategies.

Already Registered?