Nasdaq Implements First Phase of SuperSOES Price Changes, Riling ECNs
TRANSACTION SYSTEMS
NEW YORK--Nasdaq is implementing a two-phase program to levy fees for quote updates, order entry and order execution. The news has riled electronic communication networks, which may bear the brunt of the new fees.
Nasdaq issued a memo outlining the program on Oct. 1. The first phase, effective Oct. 1, levies an order-entry charge of $0.10 per transaction and an order execution charge to the entering party of $0.001 per share.
The second phase, to be introduced by the end of the fourth quarter
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