Midwest Battles For Volume With SuperMax, Crossing Net
THIS WEEK'S LEAD STORIES
The Midwest Stock Exchange has beefed up its automatic order execution system with an algorithm written to improve the best bid or offer on the Intermarket Trading System (ITS). Dubbed SuperMax, the system is being tested on 600 of the approximately 2,000 issues traded on the MWSE.
The algorithm goes into effect only when the spread between the best bid and offer on the ITS system is greater than 1/8. Based on the ITS price, the last recorded sale price and whether the last tick was an uptick or
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