Fidelity, Schwab, DLJ, Spear Leeds Plan Electronic Trading Network
July 26, 1999
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.