NASD Prepares SelectNet's Replacement, But Traders Withhold Their Endorsement
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The National Association of Securities Dealers will make a proposal to the Securities and Exchange Commission as early as next week for a new order-delivery and execution system that will replace its SelectNet block-trading service and Small Order Execution System, or SOES. In general, the introduction of a new system would be a welcome development for many institutional investors, but since details of the NASD's proposal were so sketchy--the actual proposal won't be filed until next week at the
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