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April 30, 2004

The Big Board's Southern Problem

By Gregory Bresiger

Several Louisiana state and city officials have become a part of the market structure reform debate. In a letter to the SEC, they are calling for abolition of the trade-through rule, which has been vigorously defended by Big Board officials.

The effect of the rule is costing many of their constituents excessive trading costs, according to Louisiana State Senator Ken Hollis, one of a dozen signers of the letter. "We are stating our concern about the responsible investment of billions of dollars of public investments, particularly pension funds," the letter states. The lawmakers recommend that the SEC reform the trade-through provisions of the Intermarket Trading System.