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NASD May Give Traders Next Nasdaq' Income: Ketchum: Limit-Order Book Should Be Designed to Benefi

Traders Magazine, January 1998

Jeffrey L. Winograd

The National Association of Securities Dealers may have a tough time convincing traders that its proposed integrated order-delivery and execution platform suits them. But one of the NASD's top officials, Rick Ketchum, is trying very hard.

"We're going to look at a means to pass on the execution-fee income of the book to the market makers themselves," said Ketchum, referring to the voluntary limit-order book and order-delivery system that would replace SOES and SelectNet. "We think the book should be designed in a way that's a benefit to the market makers."

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