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To: chartseer who wrote (20275)	7/17/1999 9:22:00 PM
From: DanZ	Read Replies (3) of 53068

Interesting rule change that applies to Nasdaq stocks and Market Makers. SEC Approves Changes To Rule 4613-Firm Quotation Requirements Effective Date: August 2, 1999 Executive Summary On June 22, 1999, the Securities and Exchange Commission (SEC) approved changes to National Association of Securities Dealers, Inc. (NASD©) Rule 4613(b) regarding quotation updates following execution of an order. NASD Rule 4613(b), as now amended, will require a Market Maker to disseminate an inferior quote whenever the Market Maker fails to execute the full size of an incoming order that is at least one normal unit of trading greater than the Market Maker's published quotation size. The rule change will also modify IM-4613 to prohibit the use of automatic quote updating in violation of Rule 4613(b). The full text of the rule change can be read at nasdr.com It will be interesting to see what effect this rule has on trading in Nasdaq stocks. Unless Market Makers find a way around the rule, they will be required to display their true bid and ask size. Dan

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