Steve:
sjmercury.com
>>>>>Bernard L. Madoff, head of a New York investment firm bearing his name, questioned whether Nasdaq ''should build a system that is going to be competing with its market-makers.''
Madoff, a former Nasdaq chairman, heads the SIA's trading committee.
Emanuel E. Geduld, president of market-maker Herzog, Heine, Geduld Inc., noted that while brokerages' participation in the order file would be voluntary, they would be competing with NASD -- a self-regulatory organization for the dealers.
''They're about to become my competitor,'' he said, contending that would create an unfair advantage for the NASD, which could undercut brokerage competitors.
Am I missing something? Won't this new system essentially eliminate market makers? These guys seem to be missing that point. |
