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Traders Magazine, July 2001

Editorial Staff

ECN Review *Nasdaq's technological problems have spooked some regulators. And now ECN officials are worried that regulators are overreacting. The SEC is thinking about requiring ECNs to live up to the same technology standards as stock exchanges. The so-called Automation Review Policy (ARP) is a set of guidelines. It requires that an exchange's technology is reliable. It includes a twice-yearly audit. The Securities and Exchange Commission's Division of Market Regulation is contemplating extending the standard to ECNs, according to a published report. ECN officials say the ARP is reasonable, but should not be required of them.

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