A Wholesalers' Limit Order Woes
Traders Magazine, July 2002
Blame it on technology. That was Knight Securities' defense when it agreed to pay $75,000 to settle federal charges that it violated the SEC's limit order display rule. The Securities and Exchange Commission contended that the market maker, which dominated trading in Nasdaq stocks through the recent bull market, had failed to display customer limit orders that were better than the dealer's posted quote.
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