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NEW YORK (Reuters) - Nasdaq Inc said on Tuesday it will host a new private stock trading venue for PureStream Trading Technologies Inc, a startup that aims to help big institutional investors get their orders done faster, without impacting the market.
FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton
The new trading platform is expected to go live by the end of June, pending regulatory approval, and its algorithms will give priority to orders based on the amount of liquidity they offer, rather than time of arrival at the trading venue.
Investors include Nasdaq Ventures, Goldman Sachs, BMO, Bank of America, AllianceBernstein, and MaC Venture Capital Funding supports development of the first U.S. trading venue that fundamentally reengineers the price and liquidity discovery process, focusing on parent order completion speeds, not per trade latency On target for a Q2 2021 launch, subject to U.S. regulatory approvals NEW YORK, Feb. 24, 2021 (GLOBE NEWSWIRE) PureStream Trading Technologies Inc announced today the closing of its Series A fundraising. The $14mm round was led by Nasdaq Ventures, Goldman Sachs, BMO Financial Group, Bank of America, AllianceBernstein, and MaC Venture Capital. The funding supports the upcoming launch of the first U.S. trading venue that reengineers the price and liquidity discovery process using open-ended liquidity transfer rates akin to protocols found in data networks. PureStream’s alternative trading system (ATS) will enable institutional investors’ portfolio implementations