Commentary

Derek Edward Schloss
Traders Magazine Online News

What the !@#$ is a Security Token?

In this first part of a series, Mr. Schloss will begin to explain what a security token is by explaining how the building blocks of securities law are fundamental to understanding the tremendous value security tokens will one day unlock.

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September 30, 2003

Pros Prefer Speed Over Price Improvements'

By Gregory Bresiger

Buyside traders would be willing to forfeit price improvement on highly-liquid stock executions in favor of an automatic execution system. That's what some buysiders are telling Traders Magazine as they criticize the Big Board's LiquidityQuote institutional quote system and its Institutional XPress electronic order execution system.

"In general, we'd trade a minimum price improvement for being sure that we could get an execution done," one buyside trader told Traders Magazine. The NYSE is looking at offering LiquidityQuote by the end of the year for the NYSE listed S&P 100 stocks. Liquidity Quote is now available on NYSE listed Dow Jones Industrial Average stocks. As a way of answering some of the frequent buyside criticism of LiquidityQuote, the NYSE has been considering a minimum increment for price improvement of limit orders. It also may be ready to accept automatic execution for highly-liquid stocks.