Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

Traders Poll

Would you feel better if the Chicago Stock Exchange were purchased by U.S. firm or consortium rather than a foreign one?

Yes

73%

No

4%

Doesn't matter to me

23%

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April 30, 2002

Rules & Regs

By Gregory Bresiger

Best Execution

Best execution standards for single stock futures in the short term are likely going to be another problem for traders, who should be very careful until the SEC and CFTC come up with new rules. That's the warning from John Damgard, president of the Futures Industry Association. "There are so many areas in which we are still waiting for direction. The trading of these products will be unique, even when one is going from one exchange to another so we are going to need very precise rules," Damgard said. The Securities Industry Association and the FIA have a task force working on the problem.

Faster Settlements?

Next day settlement, the much-talked about T+1, may be proposed by the Securities and Exchange Commission in the second quarter, commission officials say. The move is part of a wave of settlement reforms under consideration by the SEC. They would also include possible changes in Rule 412, streetside processing, and Rule 85 on cabinet securities.

ADF Rules

The Alternative Display Facility (ADF), the much expected alternative to Nasdaq's controversial SuperMontage project, will have periodic order routing and execution audits, according to National Association of Securities Dealers officials. Users of the ADF, scheduled to begin operations this summer, will be required to provide their own auditing equipment.