Archipelago Says Nasdaq Montage Is Anti-Competitive
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NEW YORK--Archipelago CEO Jerry Putnam has charged that the Nasdaq Stock Market's proposed order display system is anti-competitive and is "designed to eliminate ECNs." The NASD's application for a "super montage," or order display window that was announced last October 5 is awaiting approval from the Securities and Exchange Commission.
At an address to the American Enterprise Institute conference on ECNs and their impact, Putnam says that the super montage would not only harm ECNs but the entire
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