ECNs, Dealers Differ on Subpennies
Traders Magazine, December 2001
Once again officials of electronic com munication networks are mavericks, taking a position out of step with much of the trading industry, especially the market making community. This time the topic is subpenny trading. With the New York Stock Exchange and the Security Traders Association on record opposing subpenny trading, saying it causes "chaos," five of the biggest ECNs are telling the regulators that the market, not the regulators, or the exchanges, should decide the fate of subpenny trading.
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