Nasdaq Considers Rule Change That Could Penalize ECNs
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NEW YORK--Instinet and the other electronic communications networks risk losing a big chunk of their revenue if a Nasdaq rule change passes muster with the Securities and Exchange Commission. Following a meeting by its board last month, Nasdaq offered to eliminate the fees broker/dealers pay these alternative markets.
But at press time, the NASD staff had not yet formerly submitted the proposal to the SEC.
The fees have been a problem for brokers executing trades against price quotes listed on
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