ITS Dead, Jim
WATERS SOAPBOX
The good news is that the bogeyman of a centralized limit order book (CLOB) isn’t going to happen for the moment. The bad news is that Wall Street technologists of all stripes are looking at each other and asking, "Now what?"
Key to making the top-of-book price protection happen for the listed and the over-the-counter (OTC) markets, which the SEC wants live by next April, will be intermarket connections that will be fast and fat enough to handle the real-time quote queries. In theory, this is the
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