Trade-Through, Intermarket System Under Attack

Clary, Isabelle
May 2003
Securities Industry News;5/12/2003, Vol. 15 Issue 19, p6
Trade Publication
The trade-through rule, the centralized National Market System (NMS) concept, came in action in the first week of May 2003 as academics and market participants debated how to best serve investors in the IT age.Wallison(Peter Wallison) pointed out that the 1975 legislation that spun the NMS, ITS and the trade-through rule could not reflect the trading technology breakthroughs of recent years.Dale Oesterle, professor of law at the University of Colorado, questioned whether the 1975 Amendment to the Securities and Exchange Act of 1934 truly intended to create the NMS in its current form.Bradley cited a November 2002 survey by Liquidnet, which runs a crossing platform, showing that 68 percent of the traders polled feel they achieve best execution on Nasdaq, 28 percent on the NYSE and 4 percent on the American Stock Exchange.


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