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Is the Reform Worse Than the Problem? A Stock Market Chief Takes a Second Look a

Traders Magazine, November 1999

John A. Byrne

Without modern computers, the implementation of the order handling rules would not have been possible. Think about it.

The order handling rules have been single-handedly credited with leveling the playing field. Technology enables customers' limit orders to be electronically disseminated and made transparent. Back in the 1950s, or even in the 1960s, that would not have been as easy. (Conversely, allegations of unfair trading practices on Nasdaq arose because traders were said to be perpetrating abuses - on a computerized dealer market.)

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