Commentary

Anne Plested
Traders Magazine Online News

More Unanswered Questions

Anne Plested from Fidessa highlights potentially harmful effects of the MiFID II trading obligations for shares.

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As firms and venues begin to report trade data to the CAT, what is your biggest concern with the system and data?






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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.