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Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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March 23, 2005

The Great DOB Leninist Smear

By Gregory Bresiger

Archipelago Holdings and others in favor of the Reg NMS Depth of Book (DOB) proposal have been smeared by people using techniques that would even mystify Lenin. At least that's what Archipelago suggests in a heated Reg NMS SEC comment letter.

Opponents of the DOB plan are waging "very clever Madison Avenue propaganda," Arca says. Who are these people? Arca didn't specify. But it said the campaign is "being widely disseminated by reactionary forces." DOB backers have been branded "central planners," according to Archipelago.

"It is apocryphal that the Depth-of-Book Alternative is a CLOB," according to the letter, signed by general counsel Kevin O'Hara. Arca said it is illogical to argue that the DOB protection of two cents constitutes a CLOB. "Even Comrade Lenin would be scratching his head trying to understand that dialectic," Arca says.