Philip Pearson, NASDAQ Pilot Program A dash to help you No ()(detailing that Nasdaq’s death of business abreast of reducing the rebates “shows you how speed sensitive and painful specific sector players are.”), offered by

.. Email address details are Mixed, Bloomberg Tradebook ()(noting you to definitely Nasdaq’s pilot try “not an examination to find out if a trade-At the laws [sic] needed,” but alternatively “is a test out of what will happen to offer express and you will even when there clearly was a beneficial “prisoner’s hassle.” To put it differently the brand new SEC has established a situation on access percentage limits and additionally they have to intervene – adjust this new promotion cap – so you’re able to solve it. Merely an expansion away from Nasdaq’s test – putting it on to any or all exchanges – could show in the event that a complicated Trading-From the laws is required. Inside our advice, reducing the access percentage cap will be a first action (an easy first faltering step) ahead of instituting Trade-During the.”), available at

See Daniel Weaver, Brand new Change-At the Rule, Internalization, and you may )(outlining you to “[e]xcept for a few exclusions, I find solid help into the lifetime regarding a poor relationship amongst the degree of internalization and market high quality. Specifically, for everyone around three industry markets internalization is actually on the greater payment develops for the firm.”), available at

The latest change-at the prohibition regarding the tick dimensions pilot program could be out of minimal use because it is not coupled with a decrease in the exchanges’ supply costs or the founder-taker rebates. Continue reading →