(October 5 – 17: 35 ET) –
Nasdaq’s board has just submitted
a proposal to the Securities and
Exchange Commission to give it the
inside track on the role of
market consolidator.
It proposes a redesign of the
Nasdaq Workstation system to
introduce a new Nasdaq Order
Display Window. The new design
would aggregate pre-trade market
information from both market
makers and electronic communication
networks (ECNs).
Frank Zarb, chairman and CEO of
the National Association of
Securities Dealers says that
the proposal both builds on the
existing Nasdaq system and
offers the sort of data
consolidation recently demanded
by SEC head, Arthur Levitt.
The new Nasdaq Window would
aggregate all quotations and
other orders at the market –
whether from a market maker, a
market player, or ECN – providing
an anonymous quote. It hopes to
achieve maximum liquidity by
encouraging traders to display
their full interest in the market
by allowing electronic access to
displayed interest, as well as
reserve interest.
-IE Staff
For a demonstration of the new window please see: