NASD Announces that OM of Sweden Chosen to Build Alternative Display Facility
Washington, DC — The National Association of Securities Dealers, Inc. (NASD®) today announced that OM of Stockholm, Sweden, has been awarded the contract to build its Alternative Display Facility (ADF). Terms of the agreement were not disclosed.
The Alternative Display Facility (ADF) will allow registered NASD market makers and electronic communications networks (ECNs) to publish quotations for, and report trades in, listed securities. The facility is targeted for completion late summer of 2002.
"We look forward to continuing to work with one of the world's leading providers of transaction technology and market systems. OM will help the NASD fulfill its obligation of providing a facility that will display quotes and collect trade data for our members," said Robert R. Glauber, Chairman and CEO of the NASD.
"It is an honour to be selected as technology provider to the National Association of Securities Dealer for this milestone event in the history of the US securities exchange industry," said Magnus Böcker, EVP and COO of OM.
OM first became involved with the project when it was hired by the NASD to design the ADF platform in the summer of 2001. This new contract allows the switchover from the "design phase" to the "execution phase" of the project to be seamless for both parties. An operator for the platform has not yet been announced.
Other than providing ADF participants access to ITS, the intermarket linkage system for NYSE and Amex stocks, the ADF will not provide order execution or routing. However, the NASD will require ADF market participants to provide electronic access to their best-priced quotations and orders displayed on the ADF to all NASD members.
The NASD is the largest securities-industry, self-regulatory organization in the United States. It is the parent organization of NASD Regulation, Inc.; the American Stock Exchange, LLC; and NASD Dispute Resolution, Inc. For more information about the NASD and its subsidiaries, please visit the following Web sites: www.nasd.com; www.nasdr.com; www.amex.com; www.nasdadr.com.
OM is the world's leading supplier of transaction technology to the financial services and energy industries, developing and marketing software that increases the efficiency of financial and commodity markets throughout the world. OM has over 100 customers in 20 countries worldwide. The Company also owns and operates exchanges and has operations in ten countries. OM is listed on Stockholmsbörsen. For more information, please visit www.om.com.