|
|
|
 |
 |
 |
 |
   |
The Cybermarket EraExchanges are consolidating worldwide. The National Association of Securities Dealers, parent of the NASDAQ Stock Market, kicks off the trend in June, merging with the American Stock Exchange. Amex acquires the Philadelphia Stock Exchange. NASD enters discussions with Germany's Deutsche Borse, which is planning a pan-European alliance with the London Stock Exchange. Floors are shutting down and screens are moving in. NASDAQ explores putting its network on the Internet and begins automating Amex's auction floor. The Pacific Exchange plans to close two stock-trading floors. Screen-based alternative markets gain ground. OptiMark's trading system, the most sophisticated yet, is to begin trading NYSE stocks in October. MATIF, the Paris futures exchange, closes its pits eight weeks after introducing screens. Regulators are encouraging cybermarkets. The Securities & Exchange Commission sets off a trading revolution with 1997 order-handling rules requiring dealers to display customer orders on the NASDAQ screen. The SEC proposes letting Britain's Tradepoint Financial Networks place its terminals, which tie directly to London Stock Exchange, in the U.S. Investors are going online in droves. The new electronic brokerage industry is projected to have 5.3 million customer accounts by end of year. Assets available for transactions in online accounts: $233 billion. Online brokers are moving upstream by converting Web sites to financial-services portals. Some offer customers direct access to exchanges.
DATA: BUSINESS WEEK
|
Updated July 30, 1998 by bwwebmaster
Copyright 1998, by The McGraw-Hill Companies Inc. All rights reserved.
Terms of Use