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MiFID II Reaches Across the Pond: Is This the Calm Before the Storm?

Despite the view that MiFID II is a European regulation, US investment managers are experiencing disruption as they align their research payment and execution practices with the influential standard.

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May 10, 2006

Nasdaq Speeds Up U.S. Platform Integration

By Nina Mehta

Nasdaq, which operates three different trading platforms, plans to consolidate all trading onto its newly acquired INET platform as early as July.

According to Brian Hyndman, Nasdaq's senior vice president for transaction services, Nasdaq will retire its BRUT trading platform and Nasdaq Market Center technology (formerly known as SuperMontage) in the third quarter. Hyndman, the former president of BRUT ECN, which Nasdaq acquired in 2004, was speaking at the annual TradeTech conference in New York.

A July roll-out would come five months earlier than expected. Nasdaq chief executive Bob Greifeld told analysts last December that the integration would be completed a year after closing on the INET acquisition, or December 7. The integrated system will be known as Nasdaq Market Center. Some of the new platform's functionality will represent a slight modification of that of INET's. Order entry, display, processing and routing will be different, Hyndman added. Nasdaq will maintain the current Nasdaq Market Center functionality for the opening and closing crosses.

Nasdaq will replace the BRUT router which connects Nasdaq to the floor of the New York Stock Exchange with INET's router. But it will maintain the BRUT membership and broker-dealer facility. Nasdaq is also building connectivity to the regionals and a smart router to send orders to the best market, enabling Nasdaq to comply with Reg NMS.