Commentary

Anne Plested
Traders Magazine Online News

More Unanswered Questions

Anne Plested from Fidessa highlights potentially harmful effects of the MiFID II trading obligations for shares.

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As firms and venues begin to report trade data to the CAT, what is your biggest concern with the system and data?






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May 26, 2005

Is it Good News for Nasdaq?

By Gregory Bresiger

The Reg NMS trade-through rule extension was a "non-event." It may help electronic trading firms that are interested in obtaining more Big Board listed business. That's what several trading executives privately told Traders Magazine.

The trading executives, conceding that the ideal would have been the abolition of the rule, said the next best result was applying the rule to all markets. Joe Gawronski, chief operating officer for New York Stock Exchange floor broker Rosenblatt Securities, said the controversial decision was moot for electronic competitors of the NYSE. That's because they already have smart order routing. And he adds that the NYSE, in the course of defending the rule, was forced to commit to a hybrid system. That model will give electronic players a better chance to compete. The Big Board, however, dramatically undercut potential competition when it announced its merger with Archipelago Holdings.