OM, a world leading supplier of trading technology, and the National Association of Securities Dealers (NASD), the largest securities-industry, self-regulatory organization in the United States, have signed an agreement to build the Alternative Display Facility (ADF) – an over-the-counter quotation and trade reporting facility – of which OM’s SAXESS™ system is a central component. The system will be delivered in June 2002. The agreement includes license, project and support of the system.
-"It is an honour to be selected as technology provider to the National Association of Securities Dealers for this milestone event in the history of the US securities exchange industry," said Magnus Böcker, EVP and COO of OM. "This agreement reinforces OM's position as the leading provider of international exchange systems and significantly strengthens our presence in North America."
-"We look forward to continuing to work with one of the world’s leading providers of transaction technology and market systems," said Robert R. Glauber, Chairman and CEO of the NASD. "OM will help the NASD fulfill its obligation of providing a facility that will display quotes and collect trade data for our members."
The Board of Governors of the NASD in December approved new rules to establish an over-the-counter quotation and trade reporting facility. 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 but will not comprise automatic execution or order-routing functions. The facility is targeted for completion late in the second quarter of 2002.
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, LLS; and NASD Dispute Resolution, Inc.
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.