Looks like Christopher took my advice to the NASDAQ dealers:
"NASD to propose trading system changes by year-end NASD to propose trading system changes by year-end December 16, 1997 7:38 PM EST
WASHINGTON (Reuters) - Top officials at the National Association of Securities Dealers on Tuesday said they would submit proposals to federal regulators by year-end to upgrade its dealer-to-dealer trading system and give investors access to the best stock prices.
''It will give investors the ability to get directly into the market,'' said Richard Ketchum, executive vice president and chief operating officer of NASD. The proposals, to be submitted to the Securities and Exchange Commission for final approval, include a voluntary plan under which dealers would disseminate customer orders more widely among themselves, giving a customer's order prices more visibility.
Under the current system, orders are not made available to all dealers, and customers might not get the best execution price.
''You get more transparency and you get more direct participation,'' said Alfred Berkeley, president of the Nasdaq Stock Market. The move is part of NASD's ongoing efforts to narrow spreads between bid and offer prices set by dealers. That started in January when the NASD's new rules on handling orders went into effect.
NASD officials conceded there were concerns in the industry that will have to be addressed before finalizing the latest rule changes.
''We have some parts of the industry who already have their own order files and don't want us to commoditize that part of the business function,'' said Frank Zarb, chairman and chief executive officer of NASD. Even so, officials agreed that the proposed changes would help create a level playing field for investors.
Separately, Zarb said he was opposed to setting different listing standards for foreign companies as a way to lure more of them into U.S. markets.
''We run the best marketplace in the world, and we should be willing to bring people up to our listing standards,'' he said.
c Reuters Ltd. All rights reserved.
Additional sources of information
Tell Me More - From Infoseek
Market Statistics - From Quote.Com"
Ben
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