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The Challenges Ahead

Traders Magazine, January 1998

Howard L. Haykin

Trading in 1998 will be driven in large part by the market rules and developments that were introduced in 1997, and the changes that are envisioned for this year. Let us look briefly at several key areas.

Limit Order Display Rule The Securities and Exchange Commission's new Limit Order Display Rule 11Ac1-4, introduced in August 1996 and implemented throughout 1997, was designed to improve the handling of customer orders. In general terms, Nasdaq market makers are required, upon receipt of a customer limit order that is priced equal to or better than its quote, to immediately that is, within 30 seconds display the price and full size of the order in its quote.

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