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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: OZ who wrote (9126)	6/23/2000 3:21:00 PM
From: LPS5	Respond to of 18137

Previously, to make markets in NYSE stocks for inclusion in ITS, NASD member firms had to enter a two-sided market on a system called CAES (Computer-Aided Execution System), the best bid and offer of which would appear on ITS with NYS, PSE, CIN, and the other regionals as NAS. Only 19c-3 stocks (those listed after some date in 1979) could be traded this way. The repeal of Rule 390 (not sure if it's conclusive yet, but it's coming) contemplates both (1) the inclusion of ECNs in ITS (thereby allowing single-sided bids or offers and cutting CAES out of the loop) and (2) the permission to trade stocks listed before 19c-3 designated date. LPS5