Commentary

Steve Grob
Traders Magazine Online News

The Periodic Table

Fidessa's Steve Grob has written a response to Marcus Ferber writing to ESMA condemning periodic auctions. The blog strongly criticizes Ferber's approach, and looks at the problems behind the "lit is good and dark is bad" attitude.

Traders Poll

Do you think that NY AG Schneiderman's probe into crypto exchanges will curtail growth and trading?



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January 1, 1998

Next Nasdaq

By John A. Byrne

Nasdaq's proposal for an integrated order-delivery and execution system may hinge on market makers quoting all stocks in proprietary trade sizes of 100 shares, that is, in so-called actual sizes. The National Association of Securities Dealers contends that order-size rules for the handling of small orders currently executed on SOES are unnecessary and should be eliminated.

Nasdaq states that if artificial quote-size requirements on all Nasdaq securities are not eliminated ahead of a new integrated order-delivery and execution system, some order-entry features of the facility would not be appropriate. In that case, Nasdaq thinks that order-entry firms should not be permitted to enter trades larger than 1,000 shares. The NASD proposes that if the absence of full implementation of the actual-size rule, non-market makers should not be permitted to enter trades in the new system larger than 1,000 shares on non-preferenced orders.

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