Wunsch Launches Spaworks Off-Hours Auction Market
THIS WEEK'S LEAD STORIES
Aiming to lure pension funds and money management firms that have been complaining about mounting broker costs, armchair market philosopher Steven Wunsch is now actively promoting an electronic market that will allow participating traders to bypass intermediaries. Called Single Price Auction Network (SPAworks), the market will provide an alternative to continuous trading on the New York and other stock exchanges.
Although SPAworks isn't required to report trade information to the Consolidated
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