Commentary

Michael Ruvo
Traders Magazine Online News

Prevailing Market Price: Critical Issues Ahead of Deadline

In an exclusive to Traders Magazine, BondWave's CEO warns fixed income participants that they have less than two months until the May 14th deadline for the implementation of the mark-up disclosure rule and the implementation of the PMP "waterfall" approach for fixed income.

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March 1, 1998

At Deadline - Next Nasdaq

By 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.

Currently, 150 Nasdaq stocks are quoted in actual sizes. The NASD believes, however, that for the new platform to be effective, it is unfeasible to continue allowing order-entry firms to quote in trades sizes of 1,000 shares.