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ADF vs. SuperMontage in ECN Scrap

Traders Magazine, April 2002

Staff Reports

The Alternative Display Facility will be a chump that won't be in the same class as Nasdaq's SuperMontage, which, as now structured, will have unfair advantages. These complaints come from various ECNs, which filed recent comment letters with the SEC. Bloomberg Tradebook, NexTrade and Instinet all sent letters arguing that letting ADF and SuperMontage charge similar rates will give Nasdaq a distinct advantage that could constitute a monopoly.

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