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IN BRIEF

The Deutsche Borse, International Petroleum Exchange, Brut and GlobeNet Capital Corp.

The supervisory board of the Deutsche Borse (DB) has approved the firm's proposed merger with the London Stock Exchange. The deal calls for the creation of a new entity, dubbed International Exchanges (iX), that will meld the operations of the Frankfurt and London stock exchanges. Under iX, all German and British blue-chip stocks would be listed on a single order book and traded over the DB's Xetra trading platform. The firms expect to submit their merger proposal to their respective shareholders by September and anticipate finalizing the deal before year's end.

The London-based International Petroleum Exchange plans to launch an electricity futures contract on Oct. 2. The new contract will be traded on ETS II, the IPE's electronic trading platform. ETS II will also have the capability of trading natural gas contracts, offering clients of the IPE an integrated environment for electricity and natural gas trading. The natural gas and electricity contracts will be cleared by the London Clearing House.

As expected (ETW, 4/24/00), the Brut electronic communications network has named former Instinet Corp. chief operating officer Richard Schenkman its chief executive officer. Schenkman, who worked at Instinet for 15 years and also held the title of executive vice president prior to his departure, actually joined Brut in late April. But he was not officially announced as Brut's CEO until late May. Brut, which completed its merger with the Strike Technologies ECN back in February, now trades approximately 50 million shares per day, accounting for roughly 3% of Nasdaq's daily trading volume.

Florida-based GlobeNet Capital Corp., which is currently registered as an alternative trading system (ATS) that matches buy and sell orders for the over-the-counter (OTC) bulletin board stocks, has filed an application with the Securities and Exchange Commission to become an electronic communications network (ECN). By becoming an ECN, GlobeNet would obtain the right to have its quotes displayed in the Nasdaq Stock Market's Nasdaq Montage--a privelege it does not have operating as an ATS.

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