Commentary

Traders Magazine Online News

Spoofing, Surveillance and Supervision

Jay Biondo, Product Manager - Surveillance at Trading Technologies, co-authored an article along with James Lundy and Nicholas Wendland, both of Drinker Biddle & Reath LLP, reviewing the CFTC's regulations and expanding efforts, 21st century surveillance and supervision, as well as strategic recommendations.

Traders Poll

Is the adoption of electronic trading in fixed income on par of that in the FX sector?




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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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