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CHX Ends Automation On Certain Limit Orders

Traders Magazine, January 2001

Peter Chapman

In another retrenchment forced by decimalization, the Chicago Stock Exchange (CHX) is no longer solely executing certain orders automatically. Limit orders "traded through" on another exchange may now also be filled manually by CHX dealers rather than only automatically by the exchange's MAX system.

The change is intended to help specialists cut their exposure to losses on large limit orders. The rule change was filed by the CHX in September 2000 and approved by the Securities and Exchange Commission last month.

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