The Nasdaq Stock Market Inc wants to withdraw from a system that links major US stock markets, the Wall Street Journal reported on Monday. The newspaper said the plan has already been approved by the Nasdaq board. After a formal announcement, it will be sent to the Securities and Exchange Commission for approval, the Journal said.
The paper said Nasdaq believes it can improve its services by pulling out of the Intermarket Trading System and replacing it with a private electronic linkage that it obtained in its recent acquisition of Brut LLC.
The paper quoted a Nasdaq executive, Chris Concannon, who said a private linkage will give Nasdaq better ability to handle the increasing flow of orders coming from electronic traders who use computer programs to buy and sell stocks.
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