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ECNs Want More Time to Get Off Nasdaq

Traders Magazine, August 2006

Gregory Bresiger

ECNs are petitioning the Securities and Exchange Commission to delay its approval of Nasdaq's new ECN pricing scheme and the consolidation of Nasdaq trading platforms. The some half-dozen quasi-stock exchanges, upset with Nasdaq's changes, say they must leave Nasdaq and find a new market center through which to represent their quotes. But the process is not simple. Nasdaq wants to implement its changes quickly. The ECNs- BATS and Bloomberg Tradebook among them-are asking for a six-month delay for their transition.

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