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Traders' Fears Over a 'Compulsory' NASD CLOB: Do the Primary Market-Making Rules Foreshadow NASD

Traders Magazine, April 1998

Jeffrey L. Winograd

The order-delivery and execution system recently proposed by the National Association of Securities Dealers is still mired in controversy over its consolidated limit-order book.

Traders fear that the NASD-sponsored book - designed to give them a new option for executing their customers' limit orders - may compete directly with market makers for customer order flow.

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