'Nasdaq Exchange' to Meld 3 Systems

FRONT PAGE: NEWS ANALYSIS

NEW YORK—The Nasdaq Stock Market will be pursuing the integration of its three execution systems—the Nasdaq Market Center, the Brut Facility and the Inet Facility—as a direct result of its approval last week to become a full-fledged, registered national securities exchange.

After a nearly five-year bid, the final nod came from the U.S. Securities and Exchange Commission (SEC). The go-ahead will mean that before the end of September 2006 Nasdaq must have a single integrated book where all orders

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