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NYSE mulls trading links
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February 26, 1999: 8:40 a.m. ET
Big Board weighs raid of or pact with Nasdaq in bid to protect business
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NEW YORK (CNNfn) - The New York Stock Exchange is exploring ways to trade some of the biggest stocks on Nasdaq under its own name or links to the Nasdaq market as it considers options to protect its business, the Wall Street Journal reported Friday.
The world's biggest stock market is concerned about competition from Nasdaq, where some of the biggest, most prestigious technology and Internet stocks are traded, as well as electronic trading networks, or ECNs.
ECNs make trades at all hours for big financial institutions that don't want to be constrained by trading hours on the Big Board or Nasdaq, the nation's second-biggest exchange, which merged with the American Stock Exchange last year.
Quoting people familiar with the discussions, the newspaper said the NYSE also is weighing building its own ECN or linking with one of them, such as Reuters Group's (RTRSY) Instinet.
Further, it said NYSE Chairman Richard Grasso and Frank Zarb, chairman of Nasdaq's parent, the National Association of Securities Dealers, had held talks about sharing some operations.
Grasso this week outlined plans for the NYSE to more than double trading hours at the exchange by June 2000. The plan is meant to capture more overseas trading and give investors more hours to trade.
In its report, the Journal noted that the Securities and Exchange Commission and other regulators would have serious concerns about any NYSE-Nasdaq merger that might reduce competition in the securities markets.
Officials at the NYSE and Nasdaq were not immediately available to comment. 
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