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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: Apakhabar who wrote (1008)9/17/2000 4:24:01 PM
From: Dan Duchardt  Read Replies (1) of 1426
 
Apakhabar, et al.

I came across this interesting Q&A from the Nasdaq Manual Chapter 8, Clearly Erroneous Trades

Q. Are executions done through an electronic communications network (ECN)/alternative trading system (ATS) covered by the erroneous transaction rule?

A. The rule is restricted to systems owned or operated by the NASD or its subsidiary corporations, such as Nasdaq. The rule covers transactions done through the Nasdaq system in SelectNet with authorized ECNs/ATSs. The rule does not apply to trades executed by an ECN/ATS outside of the Nasdaq system (e.g., orders transmitted directly to an ECN/ATS that is crossed internally by the ECN/ATS).

I assume the ECNs themselves could break a trade in extreme cases, but I can't imagine them ever breaking a trade at their individual inside markets, other than for something like the split someone else mentioned.

Dan
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