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Article: Nasdaq Drops Clearing Initiative ...(News Desk)
- Article from:
- Securities Industry News
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Editorial Staff
Nasdaq OMX's plan to launch an equity clearing facility to compete with the Depository Trust Corp.'s National Securities Clearing Corp. has been put on hold.
"The NSCC has come out with a series of pricing reductions, so we're re-evaluating whether it really makes sense to move forward with the initiative," says Brian Hyndman, senior vice president of transaction services at the exchange company.
The prospect of a competitor was especially interesting to self-clearing broker-dealers who, three years ago, were saving money by aggregating hundreds or thousands of orders on each side of a trade, and using a technique called ...