SECURITIES

Federal Regulators Delay New Nasdaq Rules: The Securities and Exchange Commission decided to delay until Jan. 25 the start of the National Assn. of Securities Dealers’ trial program to limit access to a Nasdaq electronic stock trading system designed for small investors. The NASD, which operates Nasdaq, was to have begun the yearlong experiment this week. Maverick stock traders opposed to the new system say it will discriminate unfairly against them and their clients. They went to court seeking a delay, but that action is pending before a federal appeals court in Washington.