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Turf Battle

Traders Magazine, January 2008

Michael Scotti

There's nothing like a good old-fashioned donnybrook to get the blood circulating on a cold January morning in the Northeast. Conflict makes great copy. This month, Traders Magazine brings the latest on the dark-liquidity debate between the options and equities exchanges. Nasdaq, once known as the stock market for the next hundred years, wants its piece of the options market. This newcomer is proposing the introduction of dark orders that offer automated price improvement beyond minimum pricing increments-meaning that Nasdaq would allow investors to trade in pennies for an option series that trades in nickel increments only.

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