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The CLOB Is Reborn

Traders Magazine, February 1998

Junius W. Peake

Equities trading is about to change, and change dramatically. Ever since Congress passed the Securities Reform Act in 1975, the Securities and Exchange Commission has been attempting to facilitate the establishment of a national market system for trading securities, using modern technology, to accomplish the congressional mandate.

Initially, the commission got it right. The SEC recognized that the best way to obtain the most favorable prices for investors was by leading the industry towards the development of a new system in which all bids and offers for each security could be entered and queued in price-time priority. First-come, first-served, the traditional American measure of fairness would be invoked.

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