Word: instinet
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Dates: during 1990-1999
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After 4 o'clock, the trading werewolves come out, and the propensity to be picked off is way too great for all but the most daring. How can I be so sure? Because for years I have traded after hours using an Instinet machine. That system matches up institutional buyers and sellers when the formal exchanges are closed. Now, when it comes to trading I try to be a true boy scout. But I cannot tell you how often I have seen remarkably prescient buying and clairvoyant selling in after-hours trading. Stocks jangle up and down...
AFTER HOURS Talk about bad market timing. Just as SEC chairman Arthur Levitt was warning last week about the dangers of online trading, Instinet--the network that lets brokerages and mutual funds trade stocks after the closing bell--said it would soon afford retail investors the same privilege. Before long, sleep-deprived traders in their pajamas should be clicking trades through cyberspace all night long, potentially saving money by having their trades executed faster. Retail investors will still route their trades to Instinet through brokers--online and otherwise--but they'll be able to react to late-breaking news. Both...
...news of the best prices on the electronically traded market. As a result of the investigation, Nasdaq was formally censured by the SEC and ordered to provide more oversight of dealers. The new rules require dealers to offer their customers better prices often available on electronic trading services like Instinet Corp. Customers are hailing the reforms as groundbreaking changes, the like of which have not been seen at the Nasdaq since the 1970's. The rules will save investors money (while cutting dealer profit margins), both by lowering fees and eliminating price-fixing. The reforms, instituted over howls of protest...