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SEC Hears More on Locked Markets

Traders Magazine, January 2003

Gregory Bresiger

The refusal of Instinet and Island to use the SuperMontage platform is causing more locked and crossed markets, a problem which splinters trading and hinders executions. That's what Nasdaq officials were telling SEC officials who met with them recently at One Liberty Plaza in New York City. The meeting, held at Nasdaq's New York offices, included top level officials from various SROs. Nasdaq officials won't speak about this meeting for the record. But sources say that they asked for the SEC to take action, possibly requiring the two huge ECNs to join the SuperMontage.

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