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May 31, 2004

A Compromise on Trade Through?

By Gregory Bresiger

Connectivity is the key to resolving the issue of trade through," according to a Security Traders Association activist, who was working on filing a comment with the SEC on its Reg NMS proposal.

The STA member, who declined to be quoted by name, predicted that connectivity would be at the heart of a significant compromise by the STA.

"It is the most important issue. It would make the issue of trade-through irrelevant," said the STA member. This, he said, could help resolve possible problems between the buyside and sellside. STA members on both sides generally have different perspectives on the pending SEC plan to modify the trade-through rule.

John Giesea, president of the STA, emphasized that two STA committees are working on the trade-through positions and had not finished them yet.

However, he said that the STA's White Paper of last year on market structure had focused on the need for auto-execution and linkages.

"This would substantially reduce the need for a trade-though rule," he said.