The Nasdaq's board decided that the ECN should go public. The expected IPO date is sometime in 2002, depending on SEC recognition, progress on technology initiatives, and, of course, market conditions.



UNX officially announced its previously reported advertising campaign. To date, $12 billion has passed through its trading platform and that the customer base has increased by 50 percent. The basket-trader now has twice the techies to handle the business.



TD Waterhouse aims to reduce its workforce by 1,180 employees, or 15 percent, by the third quarter. If market conditions continue to deteriorate, an additional 300 jobs will be eliminated by October 31.



Franklin Resources, the parent company of Franklin Templeton, posted an EPS of $0.61, beating Street expectations of $0.54. The firm generated $131.7 million in net income, compared to last year's Q1 figure $143.4 million.



Mellon Financial is picking up Standish Ayer & Wood, in a deal worth $170-$180 million, said Wednesday's Journal. Mellon's assets would move past $560 billion if the deal closes by the expected third quarter timetable.



An indictment was handed out to two former Fidelity employees for allegedly defrauding the Boston giant out of $2.4 million. Thomas J. Connolly and Richard P. Callipari are accused of conducting illegal trades in volatile index options.  

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