Unlocking, Uncrossing Nasdaq Stock Market Requiring Lockers' to Trade 5,000 Shares
Traders Magazine, March 2000
Nasdaq will introduce next month a rule change it hopes will cut down on the number of markets that open locked or crossed. The problem is that most market makers don't think it's enforceable.
The much-flouted Rule 4613(e), which loosely regulates locking and crossing of quotes by market makers and electronic communications networks, has been overhauled. Market makers' will be hit in the pocket book, forced to buy or sell at least 5,000 shares, if they flout the new requirements.
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