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Fidelity, Schwab, DLJ, Spear Leeds Plan Electronic Trading Network


Fidelity Investments of Boston, DLJDirect of Jersey City, N.J., Charles Schwab Corp. of San Francisco and Speer Leeds & Kellogg of New York plan to launch an electronic trading network. Such computerized trading networks anonymously match buy and sell orders. The companies, which have signed a letter of intent to undertake the project, have not yet named the new venture. It will be the tenth electronic communications networks formed so far.