NEW YORK, Aug. 11 /PRNewswire/ -- Broadcort Capital Corp., a subsidiary of
Merrill Lynch & Co., announced today that is has agreed to act as anonymity
broker for clients who use the OptiMark(R) Trading System. The innovative
securities matching system developed by OptiMark Technologies, Inc., allows
Broadcort clients to execute, clear and settle securities trades with enhanced
confidentiality of customer information throughout the entire clearing and
settlement process.
"We are pleased to offer anonymous clearing services to our clients using
the OptiMark(R) Trading System," said Thomas V. Conigliaro, Managing Director,
Sales and Marketing at Broadcort Capital Corp. "It will enhance our full
service approach to institutional clients."
Broadcort Capital, with more than 100 correspondent clients, is a leading
provider of execution and clearance services worldwide. Broadcort caters to
broker dealers specializing in the institutional financial services market.
"Broadcort's clients are going to benefit not only from the anonymity
OptiMark offers, but also from the time and cost efficiency it offers," said
Phillip Riese, Chief Executive of OptiMark Technologies, Inc. "Furthermore,
we are pleased that Merrill Lynch recognizes the benefits of OptiMark and, in
response, is broadening its OptiMark offering to institutional clients through
Broadcort."
The OptiMark(R) Trading System operates today as a facility of the Pacific
Exchange for U.S. listed equities. It is designed to increase the efficiency
and reduce the cost of trading by creating a confidential environment for
institutional investors to bring liquidity to the market. At present more
than 175 firms are using the OptiMark. Institutional investors can use
OptiMark Profiles to express their full trading interest over a range of
prices and sizes without disclosing their identity or strategy. Every Profile
submitted to OptiMark must designate one or more broker-dealers to provide
clearance and settlement.
OptiMark Technologies, Inc., a privately held transaction services
company, offers an innovative securities matching facility that increases the
efficiency and lowers the cost of trading. OptiMark's patented design offers
traders a unique, confidential way to express their full trading interests
without paying the typical market impact costs. OptiMark is headquartered in
Jersey City, N.J., and has offices in New York City, Boston, Chicago, Durango,
Colo., Los Angeles, San Francisco, Toronto and Tokyo. Additional information
on the company is available on the World Wide Web at http://www.optimark.com.
Broadcort Capital is a wholly owned and fully guaranteed subsidiary of
Merrill Lynch with offices in New York. Merrill Lynch is one of the world's
leading financial management and advisory companies with offices in
41 countries and total client assets exceeding $1.5 trillion. As an
investment bank, it is the top global underwriter and market maker of debt and
equity securities and a leading strategic advisor to corporations,
governments, institutions and individuals worldwide.
SOURCE Merrill Lynch & Co., Inc.
 back to top
Related links:
http://www.merrilllynch.com
Company News On-Call:
http://www.prnewswire.com/comp/555800.html or fax,
800-758-5804, ext. 555800
CONTACT:
Jonathan Humphreys, 212-449-2107, or
jonathan_humphreys@ml.com, for Merrill Lynch; or Jason Thompson
of Abernathy MacGregor Frank, 212-371-5999, or jft@abmac.com, for
OptiMark
|
