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At Deadline

Traders Magazine, October 2000

John A. Byrne

Levitt's Stand

Arthur Levitt, the Securities and Exchange Commission chairman, is taking a strong stand on internalization and payment for order flow arrangements. The SEC chief, speaking at the annual Security Traders Association Conference in Boca Raton, called for more limit order transparency. The introduction of decimal pricing, he said, made that an imperative. Without greater limit order transparency, Levitt said, "the ability to price orders of any meaningful size effectively will become increasingly difficult."

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