Proposed Nasdaq Rule Could Shrink Revenues For ECNs Such As Instinet
ELECTRONIC TRADING
NEW YORK--Reuters Instinet and the other electronic communications networks (ECNs) risk losing a big chunk of their revenue if a proposed Nasdaq rule change passes muster with the Securities and Exchange Commission (SEC).
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 formally submitted the proposal to the SEC.
The fees have been a problem for brokers executing trades
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