NEW YORK and JERSEY CITY, N.J., July 15, 2009 (GLOBE NEWSWIRE) -- Direct Edge, the world's third-largest stock-market operator, and Quadriserv, Inc., whose wholly owned subsidiary, Automated Equity Finance Markets, Inc. operates AQS(r), the leading solution in providing centrally-cleared securities lending services, announced today that they have signed a memorandum of understanding to develop tighter integration links between the cash market for the trading of securities and the related market for stock loan. Such efforts will be the first to provide integrated, cross-market solutions at the market center level for industry participants.
"With Direct Edge's rapid growth and upcoming transition to exchange status, we have remained focused on maintaining the pioneering product development that has differentiated our company in the marketplace," said William O'Brien, Chief Executive Officer of Direct Edge. "As the market for securities lending evolves towards greater automation and standardization, it provides us with an opportunity to put our innovation engine to work to deliver next-generation products and solutions to our customers. With our initial agreement in place, we look forward to continued development efforts with Quadriserv, another proven innovator, to embrace this opportunity as markets evolve."
"We are pleased to be partnering with Direct Edge, as our collaboration represents another evolutionary step toward Quadriserv's goal of dramatically improving the transparency and efficiency of the securities lending market," added Quadriserv Chief Executive Officer Thomas J. Perna. "Our two companies share a commitment to market innovation and leading-edge technology solutions, and we look forward to the positive impact that this partnership will have on the quality of securities trading markets in the future."
About Direct Edge
Direct Edge offers the next generation of displayed markets. With U.S. cash equities volume routinely exceeding 2 billion shares per day, Direct Edge uses multiple ECN and exchange platforms and unique order types to match 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. Headquartered in Jersey City, N.J., Direct Edge is owned by a consortium that includes the International Securities Exchange, Knight Capital Group, Inc., Citadel Derivatives Group, The Goldman Sachs Group, and J.P. Morgan. More information about Direct Edge is available at http://www.directedge.com Everybody Needs Some Edge(tm)
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About Quadriserv, Inc.
Quadriserv is a leader in delivering transformational market structure changes to the securities lending industry. Quadriserv, through its wholly owned subsidiary, Automated Equity Finance Markets, Inc., has developed the AQS platform for securities lending. AQS, through its relationship with The Options Clearing Corporation, has created a centrally-cleared marketplace for securities lending transactions in the U.S., and plans to expand into the European market through its relationship with Eurex Clearing. As a FINRA member broker-dealer and a SEC regulated alternative trading system (ATS), AQS aims to maximize liquidity, access, credit and transparency, while mitigating systemic risk, through a fully automated trading environment. For more information about Quadriserv, please visit www.quadriserv.com or www.tradeaqs.com.