JERSEY CITY, N.J., March 20, 2008 (PRIME NEWSWIRE) -- Direct Edge ECN and AXE ECN, the Australian ECN due to start trading in 2008, today signed a memorandum of understanding (MOU) to formalize their relationship. Under the agreement, Direct Edge and AXE ECN agreed to work together to share expertise, develop channels of communication and explore mutually beneficial opportunities.
Signing the MOU today were Direct Edge Chief Executive Office William O'Brien and AXE Chairman Mark Weldon, CEO of NZX.
"Direct Edge has transformed into a major market center in the United States," said O'Brien, "and has a unique value proposition that we believe will resonate globally. One of the keys to international expansion is selecting the right partners. With its own culture of innovation and competition, AXE will be a great partner and we look forward to a thriving relationship. This agreement will benefit investors and the financial communities in both the United States and Australia."
"The agreement between AXE and Direct Edge signifies that AXE is viewed as a serious competitor in the Australian market by other market jurisdictions," said AXE CEO Greg Yanco. "Direct Edge has already proven itself in the U.S., and sharing their knowledge and experience will enable AXE to further enhance its offering in Australia, particularly as we move toward Phase two of our operations."
About Direct Edge ECN
Direct Edge ECN offers the next generation of displayed markets. Through multiple platforms and unique order types, Direct Edge matches complementary forms of liquidity based on sensitivity to transaction cost, fill rate, fill speed, and contra-side sophistication while maintaining high execution quality and low latencies. Direct Edge is owned by a consortium that includes Knight Capital Group, Citadel Derivatives Group, and The Goldman Sachs Group, Inc. Direct Edge's average daily volume in March 2008 is over 600 million shares. More information about Direct Edge is available at http://www.directedge.com. Everybody Needs Some Edge.
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About AXE ECN
AXE ECN plans to offer a high-speed, low-cost market for trading securities listed on the ASX and is currently awaiting the granting of an Australian Market Licence. AXE ECN is a joint venture between NZX, Citi, CommSec, Goldman Sachs JBWere, Macquarie Securities and Merrill Lynch.