Three Finalists to Battle It Out for Nasdaq’s SIP

EXCHANGE WATCH

NEW YORK--Cicada, ILX and SIAC are the finalists to build Nasdaq’s Securities Information Processor (SIP), which will collect and distribute the best bid and offer from each exchange in the Nasdaq Unlisted Trading Privileges Plan (UTTP).

The UTTP participants expect to choose who will build the SIP in the next month, with the SIP to go live in the second quarter of 2003.

Nasdaq declines to comment on the bidding process, but sources say its criteria are technical experience and ability as wel