Merrin’s ATS, Liquidnet, Enters Production
TRANSACTION SYSTEMS
NEW YORK--Seth Merrin flipped the switch on his highly anticipated alternative trading system, Liquidnet, last week. The system, which permits buy-side participants to anonymously trade directly with one another over the Internet, executed 3.8 million shares on its first day of trading. The average size of each transaction was 51,000 shares.
The second day of trading proved even more impressive with the execution of 16.7 million shares, averaging 110,000 shares per trade. "Yesterday [the first
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