Article: At Deadline.(NYSE Group)(The Nasdaq Stock Market Inc.)

Future of the Market

*The stock market of the future could become a network of open and closed order books. The open books, or stock exchanges, would be operated by self-regulatory organizations. The closed books, or dark pools, would be operated by large broker-dealers. Connecting the books would be a network provider. Order Execution Services (OES), a Princeton, N.J.-based broker-dealer that offers connectivity to exchanges, is positioning itself to make this networked market a reality. The firm may replace much of the existing Intermarket Trading System (ITS) that links exchanges.

OES has won a mandate to provide routing for both Nasdaq and the ...

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