Lehman, Fidelity Link Stock Trading Platforms
February 26, 2007
Lehman Brothers and Fidelity Investments announced last Wednesday that they have linked their electronic trading platforms.
As commission prices have fallen, brokerage firms are seeking greater trading volume, and the move is seen as an attempt by the firm to win more institutional business. Lehman's platform, Liquidity Center Cross, and Fidelty's, CrossStream, will now match buy and sell orders, in many cases eliminating the need to send trades to the floor of an exchange. "Today's current trading environment has made it increasingly difficult for investors to execute large trades with minimal market impact and information," said Bill Baxter, head of equity at Fidelity Capital Markets Services.
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