AZX, Former Wunsch System Opens for Business In Arizona, Mulls Link With Jefferies

AUTOMATED TRADING

AZX Inc., the renamed Wunsch Auction Systems Inc. (WASI), last week opened the Arizona Stock Exchange using WASI's Single Price Auction Network trading system. More than 70 institutional investors participated in the reopening of the system, which was shut down in late December after eight months of operation.

AZX now provides an after-hours alternative to continuous trading on the New York and other stock exchanges. Unlike crossing networks, which derive their price from the continuous

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