Nasdaq to Deliver Execution Platform Technology to PureStream

Rhea-AI Summary

PureStream Trading Technologies has partnered with Nasdaq (NDAQ) to launch a new alternative trading system (ATS), aimed at enhancing liquidity for brokers and institutional clients. The PureStream ATS will utilize Nasdaq's Execution Platform, focusing on speed and efficiency in order completion. Scheduled for a Q2 2021 launch, pending regulatory approvals, this system aims to redefine price discovery and reduce operational costs. Nasdaq's technology will manage trade reporting and risk controls, allowing PureStream to adapt and expand its trading functionalities.

Positive

• Partnership with Nasdaq enhances operational reliability and scalability.
• Unique business model aims to improve liquidity and reduce price impact.
• Scheduled Q2 2021 launch indicates timely market entry.

Negative

• Launch is subject to U.S. regulatory approvals, posing a potential delay risk.

The fully-hosted market infrastructure technology will support the new U.S. trading venue which reengineers the price and liquidity discovery process, by focusing on parent order completion speeds, not per trade latency

PureStream on target for a Q2 2021 launch, subject to U.S. regulatory approvals

NEW YORK, March 16, 2021 (GLOBE NEWSWIRE) -- PureStream Trading Technologies Inc announced today it has selected Nasdaq (Nasdaq: NDAQ) to power its new PureStream alternative trading system (ATS) via the Nasdaq Execution Platform. PureStream, which will offer brokers and their institutional clients greater bandwidth to get more liquidity faster, more cost-effectively and with greater security, is on target for a Q2 2021 launch, subject to U.S. regulatory approvals.

As part of the agreement, Nasdaq will fully host the PureStream ATS on its Nasdaq Execution Platform, including managing system operations, as well as portions of risk controls, venue surveillance, trade reporting and clearing facilitation. The technology enables exceptional flexibility and provides PureStream the ability to integrate new applications and functionalities as the company evolves and expands its platform.

“Our vision for creating this new institutional trading venue would not have been possible without our partnership with Nasdaq and leveraging its industry-leading market technology,” said Armando Diaz, CEO, PureStream Trading Technologies Inc. “As we launch our endeavor, time to market, infrastructure reliability, and scalability are critical components for success. We are confident that by utilizing Nasdaq’s execution platform provides us with an unparalleled advantage and best-in-class trading experience for our clients and partners.”

“By changing the basis of a match and virtualizing price discovery, PureStream’s unique business model is enabling algorithmic orders to search, find, and yield more liquidity faster without price impact,” said Valerie Bannert Thurner, Senior Vice President and Head of the Buy-Side and Sell-Side Solutions, Market Technology, Nasdaq. “In partnering with Nasdaq, PureStream will seamlessly leverage our market operating experience and technological scale to effectively manage its internal marketplace, further reduce expenses, and provide opportunity for more revenue generating activities as it launches its innovative market.”

Nasdaq's end-to-end, mission-critical technology powers more than 2,300 companies in 50 countries that span the world's financial industry, including capital markets infrastructure operators, market participants, banks and regulators.

About PureStream Trading Technologies Inc:

PureStream Trading Technologies was founded in 2018 to address the growing issue of institutional natural liquidity becoming latent, unfindable and uncrossable. Through its design, the PureStream ATS enables institutional investors to search, find, and yield more liquidity. To learn more visit: www.purestream.tech

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

NDAQG

Media Contacts

PureStream
media@purestream.tech

Nasdaq
Ryan Wells
+1 646 648 3887
ryan.wells@nasdaq.com

Yan-yan Tong
+46 (0)73 449 66 83
yan-yan.tong@nasdaq.com

FAQ

What is the new trading system launched by PureStream and Nasdaq?

The new trading system is called the PureStream alternative trading system (ATS), designed to improve liquidity for brokers and institutional clients.

When is the launch date for PureStream's ATS?

The launch of PureStream's ATS is targeted for Q2 2021, pending regulatory approvals.

How will the partnership with Nasdaq benefit PureStream's ATS?

The partnership allows PureStream to utilize Nasdaq's Execution Platform, enhancing operational efficiency, risk management, and scalability.

What is the significance of the PureStream ATS for market participants?

The PureStream ATS aims to redefine price discovery and facilitate faster liquidity access for brokers and their clients.

What risks are associated with the launch of PureStream's ATS?

The launch is subject to U.S. regulatory approvals, which could pose delays in the rollout of the system.