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Questions About Nasdaq's New Trading-System Proposal:ECNs, Market Makers Concerned About Fairness

Traders Magazine, December 1997

Michael L. O'Reilly

The National Association of Securities Dealers' effort to keep its proposed integrated trading system under wraps, until details were filed for public comment on Dec. 22, riled a well-known electronic communications network (ECN).

"The general NASD membership had not been allowed to hear the proposal ideas beforehand," said Kevin Foley, manager of equity-trading applications at Bloomberg Tradebook, the ECN launched 12 months ago by Bloomberg L.P. Bloomberg is an NASD member firm.

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