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Nasdaq Wages War For ECN Order Flow

Traders Magazine, February 2003

Peter Chapman

Nasdaq, in a bid to wrest market share from ECNs, changed its rules to allow order entry firms to post certain limit orders on SuperMontage. Non-market making NASD members can now post non-marketable limit orders, or those whose prices are inferior to the market's best, directly onto Nasdaq's new trading system. Previously, only dealers could do so.

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