Slowdown Sought in Nasdaq Rule Changes
Times Staff and Wire Reports
The securities industry is asking the Securities and Exchange Commission to slow its phase-in of order-handling rules for the Nasdaq Stock Market. The changes, which started to go into effect Jan. 20, are intended to increase competition and give investors access to the best available prices on the nation’s second-largest stock market. The second phase of the implementation is due to begin Friday. The SEC hinted it would be receptive to the requests from the Securities Industry Assn. and the Security Traders Assn., the Wall Street trade groups monitoring the impact of the new rules at the SEC’s request. The SEC said a final decision will be made before Friday. The two trade groups said brokerage computer systems need more time to adjust.
