A Dream Deferred

Pilot programs in the securities industry, it says here, are a dime a dozen, and when the SEC signs off on one, it is with the tacit understanding that the real deal is as good as done, and at the end of the day, you can have the project you really want.

That, essentially, was the word out of Optimark when, at the eleventh hour, the SEC approved a pilot program on September 30th that fell short of what they thought was their right--the ability to act as the facility of the Nasdaq

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