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Traders Magazine, March 2003

Locked *Those earning fees from locked and crossed markets, a source of revenue today for some alternative systems, would be penalized under a proposal sent by the STA to the Nasdaq. John Giesea, STA president, in a letter to the chairman of Nasdaq's Unlisted Trading Privileges committee, wrote that the number of locked and crossed markets is alarming. "The existence of such market conditions causes significant confusion to the public investor, has a deleterious effect on the speed of execution, and generally disrupts the marketplace," according to Giesea. The STA called for new rules to end the practice.

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