Monday, November 12, 2007
A dozen Wall St. firms will drop their competing trading systems for 144a offerings and cooperate on a single platform operated by Nasdaq, its Portal system. Nasdaq, in turn, will upgrade Portal through some of the technology the firms use in their proprietary systems. The goal is to achieve greater liquidity and lower trading costs. Last year, according to Nasdaq, the amount raised through 144a offerings was greater than the combined amounts raised on the American Stock Exchange, Nasdaq and the NYSE. WSJ, Banks to Share Platform for 144a Trades.