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Traders Say Price Discovery Is Endangered

Traders Magazine, March 2008

James Ramage

The market's price-discovery process is at risk due to the impact of a major exception to the Securities and Exchange Commission's Regulation NMS. That's the concern of some trading officials who contend intermarket sweep orders (ISOs) are not doing what they're supposed to. Rather than take out displayed quotes, ISOs frequently take out hidden ones.

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