Nasdaq's plans for Portal seemed like a winner, a home run in fact. Private securities offerings and trading are hot and will only get hotter. But the powerful Securities Industry and Financial Markets Association, which represents all the top Wall Street banks, has taken a stance against Portal. It says there are several areas, such as trade reporting and subscriber agreement specifics, that need to be clarified. Portal remains on track for a third-quarter launch. It is unclear how all this affects that schedule. Of course, the role of Goldman Sachs has to be raised. It has launched GSTrUE, which can be seen as a competitive service. The new service has gotten some good press. There are other services by private banks that are likely in the works.

For more:
- here's an article from Financial News Online