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GlobeNet ATS Selects Javelin for FIX

GlobeNet to use Javelin's FIX interface to receive OTC BB order flow from FIX-enabled broker/dealers, institutions and ECNs.

Florida-based GlobeNet Capital Corp, an alternative trading system that exclusively matches buy and sell orders for over-the-counter bulletin board (OTC BB) stocks, has signed an agreement to use Javelin Technologies' FIX (Financial Information Exchange) connectivity software. GlobeNet intends to use Javelin's FIX interface to receive OTC BB order flow from FIX-enabled broker/dealers, institutions and electronic communications networks (ECNs).

GlobeNet, which expects to go live in mid-August and will initially cover 2,500 OTC BB stocks listed on Nasdaq, chose Javelin's FIX software because it wanted to be able to connect to Nasdaq participants that use different types of FIX engines, says GlobeNet chief technology officer Chris Barber. Javelin's FIX interface, he says, is flexible enough to communicate not only with Coppelia--Javelin's FIX server--but with "homegrown" FIX engines employed by various Nasdaq broker/dealers. However, while praising Javelin's flexibility and "commercial appeal," Barber declines to specify which broker/dealers and ECNs GlobeNet will be linking to through its new FIX interface.

Barber says GlobeNet's main mission is to provide Nasdaq participants who want to trade OTC BB stocks with an automated execution mechanism. Currently, he says, these stocks lack liquidity and are traded almost exclusively over the telephone. But GlobeNet hopes to greatly boost the liquidity of these issues by, for the first time, providing OTC BB traders with an online trading vehicle.

Bob Semones, GlobeNet's chief executive officer, says that the ATS' target audience is comprised of "anyone who wants to buy or sell any stock on the OTC BB market," including--but not limited to--ECNs, broker-dealers and institutions. "Anyone who deals and handles orders for the OTC BB marketplace can route those orders to us," he says.

Traders will only be able to access GlobeNet, Semones adds, via a broker/dealer. Semones says that GlobeNet is in the process of signing "subscriber agreements" with a multitude of broker/dealers, Semones declines to specify them.

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