The Nasdaq Stock Market Inc. today announced a new service for customers seeking to trade New York Stock Exchange-listed stocks on the NASDAQ market.
Through its Brut router, NASDAQ will offer free anonymous routing to the NYSE’s DOT service. Effective today, Brut becomes a member of the NYSE, providing NASDAQ customers direct connectivity to the NYSE floor and the ability to trade NYSE listed stocks with a seamless electronic execution.
Nasdaq says the new service will allow its customers to provide liquidity, remove liquidity, and route orders free of charge using NASDAQ. The service will launch in April once it receives SEC approval.
“We are currently witnessing a shift to automated trading of exchange-listed securities away from manual, floor-based markets. NASDAQ has leveraged the acquisition of Brut and its NYSE membership to meet the needs of customers who demand to trade with speed, certainty and transparency,” said Chris Concannon, executive vice president, NASDAQ Transaction Services.
Brian Hyndman, senior vice president, NASDAQ Transaction Services, added, “With our new service for trading exchange listed stocks we are enabling customers to trade NYSE-listed securities in a NASDAQ environment, while maintaining their anonymity through Brut’s electronic access.”