“The SMCC process is geared to meet the needs of the investment and financial communities to ensure that best execution in trade clearing is achieved more efficiently than ever before. This new process brings an entirely new dimension to the sophisticated trading environments of today and is truly a step forward into the next generation of electronic trading,” said Lee Clifford the new CEO of SMCC.
Negotiations between Spooz and SFB are continuing at a highly cooperative level with the next meeting scheduled for Thursday, May 29th in Chicago. According to the terms of the Letter of Intent executed on May 22, definitive agreements for the new private joint venture company are due for completion before July 31, 2008.
Well, if you went to the meeting, you would have heard that Paul and Lee are determined to get SMCC off and running. You would have heard that they talk to each other several times a day, every day. You would have also heard that SFB need Spooz and STv2 to establish SMCC because they won't be able to develop a solution quick enough and get a jump start in the market. SFB needs Spooz in order to establish SMCC.
Just a little extra insight I got from going to the meeting.
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