Market Fragmentation Is Bad
Traders Magazine, June 2002
Competition between market makers and ECNs for order flow is fine. But when competition becomes "regulatory arbitrage," then markets can be damaged as participants try to find the easiest market regulator, warns Robert Glauber, chairman and chief executive of the NASD. In recent comments, he warned that there will be more intense competition among the Big Board, Nasdaq and ECNs for order flow.
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