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February 1, 2005

Instinet's Nicol: NYSE Backtracks

By Gregory Bresiger

NYSE officials resemble "circus contortists" in their positions on the trade- through rule, depth of book and Reg NMS, according to Ed Nicol, chairman of Instinet. The Big Board, he charges, is waffling on its support on these measures because it is battling for survival. "That's a nice quip. But it just isn't true. Our position has always been consistent," says Ray Pellechia, an NYSE spokesman. Nicol, who is ambivalent about the full depth of book, nevertheless says that the NYSE is engaging in "a ferocious backpedaling" on full depth.