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Ameritrade eyes after hours
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September 21, 1999: 3:53 p.m. ET
Joins move started by Datek, E*Trade, lining up with two top ECNs
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NEW YORK (CNNfn) - Online brokerage Ameritrade Holding Co. joined the after-hours trading movement Tuesday, announcing alliances with two leading electronic trading providers.
Ameritrade (AMTD), of Omaha, Neb., said it would provide customers trading options on two after-hours electronic-communications networks, or ECNs - Island ECN and MarketXT.
Ameritrade's partner as a "market maker", or dealer that actually executes the trades, will be industry leader Knight Securities. Ameritrade has allied with the Chicago Stock Exchange, which also plans to offer after-hours trading, as a partner.
The move comes months after leading rivals E*Trade Group (EGRP), Datek and others laid plans to extend their trading hours. Earlier this month, Datek announced plans to offer pre-market trading as well.
"Everybody is getting after-hours access. They aren't the first," said one online brokerage analyst who asked not to be identified. However, he said lining up with two ECNs is its way to hedge its bets on the future of electronic trading.
"The more of these things that you hook up with, the better the chances for your offering," said the analyst. "You don't know which horse is going to win, so they're putting money on two of them."
The industry's seemingly inevitable movement toward round-the-clock trading has put pressure on other, more traditional exchanges including the New York Stock Exchange and the Nasdaq stock market, each of which is hashing out proposals for after-hours trading to present to U.S. regulators.
Ameritrade's post-market trading will vary according to the hours of its two ECN partners. MarketXT offers trading from 6 p.m. to 8 p.m. ET. Island, which is part owned by Datek, executes its trades 8 a.m. to 8 p.m. ET. The Chicago Stock Exchange hasn't yet started after-hours trading.
A company official wasn't immediately available to provide further details about after-hours trading or to say when Ameritrade will begin the service.
Shares of Ameritrade slipped 7/16 to 17-7/16 in Tuesday afternoon trading. 
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Ameritrade
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