Traders Magazine, March 2005
Trade Throughs *Knight Trading Group told Congress it opposes the Securities and Exchange Commission's plan to extend the trade-through rule beyond the listed market. Tom Joyce, Knight's president and CEO, testified that an extension was unnecessary. Electronic linkages between market centers would solve the problems the SEC is trying to fix, Joyce said. Under the SEC's Reg NMS proposal, the SEC is leaning towards the enactment of a new trade-through rule that covers Nasdaq as well as the listed markets. Nasdaq, which does not have a trade-through rule, also opposes the measure. Joyce noted that the number of trade-throughs on Nasdaq was about the same as on the New York Stock Exchange. "This suggests that the stated benefits to a trade-through rule may prove to be highly elusive," Joyce said.
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