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* The launch of SuperMontage remains on hold. * SunGard Trading and Risk Systems acquires Monis Software. * NeoNet goes live with an electronic interface to the Milan Stock Exchange.

FlexTrade Systems announced the launch of DeepFeed, a service available through FlexTRADER that consolidates all bids and offers on the books of every major ECN with market-maker quotes, providing traders a real-time, in-depth view of the market. A quantitatively enriched equity-trading and order-management system, FlexTRADER has a client base of institutional users on the buy-side and sell-side, including hedge funds, investment managers and broker/dealers.

The launch of SuperMontage, the Nasdaq Stock Market's advanced order-routing and execution network, remains on hold. A source close to Nasdaq says the roll out of the SuperMontage will be delayed until at least the week of August 25 -- the next date the Securities and Exchange Commission is expected to meet to vote on the launch of the network. Prior to July 29, the commission put the launch of SuperMontage on hold to make sure that the alternative-display facility -- an SEC-mandated quote display and trade-reporting system that's been created as an alternative to Nasdaq's network -- performs adequately. The ADF, which was built by the NASD, went live -- on a pilot basis -- on July 2. The SEC was scheduled to meet on Aug. 12 to determine whether Nasdaq had met all of the conditions the commission mandated for the launch of SuperMontage -- including the installation of the ADF -- but the source says that meeting was delayed because the SEC has been busy swearing in new commissioners.

SunGard Trading and Risk Systems, an operating group of SunGard, has acquired Monis Software. SunGard intends to integrate Monis' derivatives pricing and analytics applications with its STP-enabled trading and risk- management systems. Terms of the acquisition were not disclosed.

NeoNet, an independent software vendor specializing in providing electronic access to exchanges, has gone live with an electronic interface to the Milan Stock Exchange. In addition to Milan, NeoNet offers its clients front-end access to the matching engines of stock markets based in London, Frankfurt, Paris, Amsterdam, Brussels, Stockholm, Helsinki, Copenhagen and Oslo. NeoNet also provides an electronic gateway to the Nasdaq Stock Market, and plans to build a link to the Virt-x Stock Exchange and the New York Stock Exchange by 2003.

The Brut ECN set a daily market share record for Nasdaq trading on Aug. 12, capturing 5.94% of the stock market's total trading volume. Brut set its previous daily Nasdaq record -- 5.32 percent -- on May 31.

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