New York Pols Rallying Behind Trade Through
Traders Magazine, March 2005
The Big Board has many New York friends on Capitol Hill. Dozens of New York public officials were recently asking the Securities and Exchange Commission to preserve some form of the trade-through rule. They were also urging regulators to reject any form of the consolidated limit order book. Congressman Gary Ackerman (D-New York) warns that a CLOB would effectively end competition. "In my view," Ackerman writes, "moving to a unitary electronic marketplace would effectively turn our internationally competitive, investor-driven markets into a quasi-government utility." Ackerman's fellow New York Democrat, Congresswoman Nydia Velazquez, also wrote that the CLOB plan under consideration by the SEC "would create a splintered, electronic only market where markets must chase displayed orders from market to market."
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