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Court Rejects ECN's Case on SEC

Traders Magazine, July 2003

Gregory Bresiger

Domestic Securities, the parent of Attain ECN, has lost part of a lawsuit against the SEC - a lawsuit in which it claimed it didn't provide sufficient notice of how orders would be handled on Nasdaq's SuperMontage platform, or that access fees would be levied. A federal appeals court held that Domestic Securities' lawsuit was tardy and that it had not made its case that the Securities and Exchange Commission had acted in an arbitrary manner. Domestic Securities also contended the SEC had wrongly approved an alternate price-quote system for the SuperMontage.

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