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In reply to the discussion: STOCK MARKET WATCH -- Thursday, 17 January 2013 [View all]Demeter
(85,373 posts)5. Nasdaq plan to offer algorithmic trading denied by U.S. regulator
http://www.reuters.com/article/2013/01/14/us-nasdaq-sec-idUSBRE90D0ZH20130114
Nasdaq OMX Group Inc's proposal to offer algorithmic trading services that would compete against similar services offered by broker-dealers has been denied by a U.S. regulator.
The exchange operator did not prove it would not have a competitive advantage over broker-dealers offering similar products if its proposal was granted, the U.S. Securities and Exchange Commission said in a filing dated January 11.
The SEC also highlighted other concerns, including the need for appropriate risk controls for the algorithmic orders, which electronically execute large stock orders over a specific time for specific securities and are generally aimed at institutional investors....
On May 1, Nasdaq proposed a rule change to the SEC that would allow the exchange to offer three algorithmic order types, aimed at achieving the performance of specific benchmarks: volume weighed average price, time weighted average price and percent of volume. Once placed, Nasdaq would direct the orders to an application, operated by the exchange but licensed from a third-party provider, to process the benchmark orders. The orders would then be executed within Nasdaq's system. Nasdaq said the orders would be considered a functional offering of the Nasdaq stock market and subject to Nasdaq's obligations and responsibilities as a self-regulatory organization...
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Nasdaq OMX Group Inc's proposal to offer algorithmic trading services that would compete against similar services offered by broker-dealers has been denied by a U.S. regulator.
The exchange operator did not prove it would not have a competitive advantage over broker-dealers offering similar products if its proposal was granted, the U.S. Securities and Exchange Commission said in a filing dated January 11.
The SEC also highlighted other concerns, including the need for appropriate risk controls for the algorithmic orders, which electronically execute large stock orders over a specific time for specific securities and are generally aimed at institutional investors....
On May 1, Nasdaq proposed a rule change to the SEC that would allow the exchange to offer three algorithmic order types, aimed at achieving the performance of specific benchmarks: volume weighed average price, time weighted average price and percent of volume. Once placed, Nasdaq would direct the orders to an application, operated by the exchange but licensed from a third-party provider, to process the benchmark orders. The orders would then be executed within Nasdaq's system. Nasdaq said the orders would be considered a functional offering of the Nasdaq stock market and subject to Nasdaq's obligations and responsibilities as a self-regulatory organization...
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