Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

Traders Poll

Would you feel better if the Chicago Stock Exchange were purchased by U.S. firm or consortium rather than a foreign one?




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July 31, 1998

At Deadline - Anonymity?

By John A. Byrne

How long can electronic communications networks (ECNs), such as Reuters Holdings' Instinet keep trading interest at its current level of anonymity? That's the question on traders lips in the wake of a new Nasdaq proposal which set off alarm bells in the trading community.

The Nasdaq proposal could curb the ability of institutions to trade large blocks of shares while keeping a portion of the order in reserve. Under the proposal, Nasdaq wants to implement a rule requiring the full block order to be executed even if some of the trade is not worked.

What's more, Nasdaq wants ECNs to provide it with more information on their customers to help resolve operational and trading problems. That proposal has angered some officials at ECNs who note that Nasdaq is seeking to develop its own ECN, or so-called central limit order book.