CHICAGO -- The Chicago Stock Exchange has chosen Jan. 6, 1995, as the launch date for its Chicago Match crossing system.

The exchange's new system is an attempt to reinvent the way shares are traded. In a crossing system, large institutional investors trade stocks directly with each other, bypassing the exchange floor and dealers.

The system is expected to offer investors cheaper execution of trades, and anonymity.

The Chicago Match system will allow investors to buy and sell shares anonymously at set times each day, without a broker being involved. However, the Chicago Stock Exchange does not want to eliminate the role of brokers altogether, allowing specialists to guarantee crosses in certain stocks at certain prices, insuring a certain amount of liquidity in the market.

While, the new system will trade all American Stock Exchange and New York Stock Exchange issues, it is limited to only 100 NASDAQ stocks.

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