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At Deadline - Next Nasdaq

Traders Magazine, February 1998

John A. Byrne

Despite market-maker opposition, the National Association of Securities Dealers has not backed away from a consolidated, or central limit-order book, the centerpiece of its proposed trading facility. The new integrated Nasdaq order-delivery and execution system moved a step closer to becoming a reality when the Securities and Exchange Commission published the proposal for public comment this month.

At the same time, the NASD filed with the SEC a proposal to make all Nasdaq securities eligible for quoting in actual trade sizes of 100 shares each. That, of course, is viewed as a necessary precondition to the merging of SOES and SelectNet functions in the new trading platform.

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