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Traders Magazine, May 2003

Editorial Staff

Departure * Nasdaq and market makers need action by the Securities and Exchange Commission in several critical areas. The regulators should examine ECN access fees; locked and crossed markets and the refusal of certain UTP players to provide automatic executions. That was the analysis of Rick Ketchum, who made those comments recently as he was ending his term as president of Nasdaq. Other important areas that the SEC should study include sub-penny pricing; Nasdaq's inability to share market data revenues with its members; and the listed market's trade through rule, according to Ketchum, speaking at a conference on institutional trading at New York's Baruch College. A 12-year veteran of Nasdaq, Ketchum will leave this month to become general counsel at Citigroup's corporate and investment banking division.

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