The Nasdaq Stock Market, Inc. has launched its new centralised trading and negotiation system for 144A securities began operating today.
The fully automated web-based platform, an outgrowth of Nasdaq’s 17-year-old PORTAL system, is the first and only centralised electronic system for displaying and accessing trading interest in 144A issues, according to the New York-based exchange.
“The launch of Nasdaq’s PORTAL trading platform is a milestone in the transformation of the capital raising process in the U.S.,” says Nasdaq executive vice president John Jacobs. “The PORTAL platform will bring the same efficiency and transparency to the 144A market that Nasdaq brought to public equity trading in the U.S. 36 years ago.”