Business Services Industry
SEC's trade proposal irks some in industry.
Knight Ridder/Tribune Business News, November, 2004
By Bill Deener, The Dallas Morning News Knight Ridder/Tribune Business News
Nov. 30--The Securities and Exchange Commission may soon unveil a new version of a proposal that, if adopted, would radically change the way stocks are traded.
The proposal, which staffers may present to the five SEC commissioners Dec. 15, basically expands the so-called "trade-through" rule. The New York Stock Exchange adopted the trade-through rule in 1975 to create an orderly market structure out of what was then a fragmented system.
The old rule requires that buy and sell orders for NYSE-listed stocks be routed to the market offering the best price. Buyers want the lowest price, and sellers want the highest price. Shares of companies listed on the NYSE...
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