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At Deadline

Traders Magazine, April 1999

John A. Byrne

PCX Book

The Pacific Exchange (PCX) has modified its proposal for a consolidated limit-order book. The modified proposal has been refiled with the Securities and Exchange Commission. A spokesperson for the PCX said the exchange decided to refile its limit-order proposal after lengthy discussions with the SEC over its structure. The changes dealt with order handling and time priority. The limit-order proposal would be part of the PCX's competing-specialist program, which allows more than one exchange specialist to make a market in a single stock. The PCX had operated books separately on its Los Angeles and San Francisco floors.

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