Commentary

Anne Plested
Traders Magazine Online News

More Unanswered Questions

Anne Plested from Fidessa highlights potentially harmful effects of the MiFID II trading obligations for shares.

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As firms and venues begin to report trade data to the CAT, what is your biggest concern with the system and data?






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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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