Trade Throughs Unlikely to Disappear under Reg NMS
Traders Magazine, June, 2007 by Peter Chapman
Best-ex trumps Reg NMS. Traders are vowing to place best execution ahead of the dictates of the Securities and Exchange Commission's Regulation NMS Order Protection Rule despite any possible consequences.
The new rule goes into effect for broker-dealers on July 9. It could leave traders faced with a choice of either acting for the benefit of their customers or complying with the rule, traders complain.
It will, they say, take away some of the flexibility they have in filling orders. That's because they will be forced in some cases to sweep the tops of market centers' books rather than trade multiple levels on one market center.
So they may ignore the rule and trade through the so-called protected quotes anyway. "Traders will get their customers the best...
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