Firms Ask SEC for More Quote Depth
On Wall Street, April, 2001
Give us more data. That was the consensus expressed by both institutional and retail brokerages participating in an early-March meeting of the SEC's Advisory Committee on Market Information.
"When it comes to information, more is better," said William Harris, a Solomon Smith Barney managing director. "Certain market structures can hide orders, so we should place additional mandates on the markets to provide more information."
The amount of data to which broker-dealers have access will become critically important in a decimal environment, many panelists said, since the smaller price increments will make it harder for firms to fill orders unless more quotes can be seen.
"In a decimal environment, the current [National Best Bid or Offer] NBBO is insufficient....
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