Primex, Not An ECN, Due In 2nd Qtr Of 2000
ATS/ECN UPDATED
NEW YORK--The Primex Auction System, a new electronic auction market system for securities trading, is slated to go live early in the second quarter of 2000. But the system, which is being offered by Madoff Securities, Goldman Sachs and Merrill Lynch, is not an ECN, officials there insist.
Glen Shipway, CEO of Primex and a former Nasdaq executive, says the system is complementary to ECNs rather than competitive. "ECNs accept limit orders and post them as quotes. Primex takes market orders and
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