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Cover Story: The Case for a Call Auction

Traders Magazine, June 2000

Peter Chapman

The New York Stock Exchange has one. The American Stock Exchange has one. Will a call auction work for Nasdaq's opening?

Buyside traders hope so. They don't like how trading starts at the 9:30 a.m. open with unequal bids and offers on some stocks. As they see it, a call - operated electronically - would eliminate that confusion. A call, in short, would provide a single price open on these stocks, letting traders execute big orders faster.

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