The Marx grant, for $600,000, along with the college's match, trade-ins and institutional discounts, paid for the 42 instruments, which are worth nearly $1.6 million, said Bethany Rose, institutional sales manager at Steinway.
Electronic communications networks match trades between investors directly, without using a market maker or specialist as an intermediary.
Its problem, says Mr Burnham, is that the cost of marketing any online investment service in a crowded market has risen roughly sixfold in the past two years.The next logical step is the private electronic exchange to match trades by online investors.
It has said only that "immaterial losses" occurred from trading problems during a system upgrade and that a review is under way.It is widely believed that Goldman's losses stemmed from a "dark pool"—designed to gather and match trading interest unobtrusively which inadvertently spat out prices onto public exchanges.
Britton, who received a wild card from the U.S.T.A. for winning the N.C.A.A. men's title in May, has spent the past few days doing interviews with ESPN and the Tennis Channel, high-fiving Ana Ivanovic in an Arthur Ashe Kids' Day mixed-doubles match, trading jokes with the comedian Will Ferrell and practicing with Rafael Nadal.
After studying computer science at Montreal's McGill University, Zhao spent time in both Tokyo and New York, first building a system for matching trade orders on the Tokyo Stock Exchange and then, at Bloomberg's Tradebook where he developed software for futures trading.
Investors are allowed to submit orders for packages of securities and the system matches trades and computes prices by optimally combining portfolio orders in an open book.
In America BATS and Direct Edge are the trail-blazers, having grabbed a combined 13% of all matched trades at last count.
