REDIBook Gets NASD Approval To Operate As Broker Dealer
ATS/ECN UPDATE
Lost in the shuffle of the PCX-Archipelago alliance and the furor over Nasdaq’s plea for a decimal moratorium was NASD’s granting of approval to REDI Book to operate as a broker dealer. SEC approval, essentially a formality, was obtained last month. The assent of the NASD, which regulates all ECNs, was a bigger landmark.
A less contentious but potentially more time consuming event will be for REDIBook to secure the approval of state securities agencies. "We need this from all 50 states," says
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