NSCC Awaits SEC Ruling
Utility wants real-time data; brokers say 'get real'
Traders Magazine, February 2008
The cost-cutting needs of brokers are clashing with the continuity demands of a utility. That is how the debate is shaping up over a National Securities Clearing Corp. trade-compression plan pending before the Securities and Exchange Commission. Brokerage officials charge the plan is arcane and would hurt them. "This would be a substantial cost for everybody," says Neil Fitzpatrick, head of retail executions at Chicago's Citadel Investment Group, which aggregates high volumes of orders to execute for brokerage customers.
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