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Specialists: Opt-Out Will Be a Disaster

Traders Magazine, July 2004

Gregory Bresiger

If it isn't broke, don't fix it. Sometimes a proposed solution will make the problem worse. That's what a prominent trading group has told regulators about a reform of the trade-through rule that would allow an opt-out exception. The proposed exception "is wholly inconsistent with the concept of intermarket price protection," a group of traders wrote in a lengthy letter to the Securities and Exchange Commission on its Reg NMS market structure proposals.

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