SEC Slows Implementation of Nasdaq Rules

The Securities and Exchange Commission, seeking to avoid a strain on Wall Street’s computers, agreed to slow the phase-in of new order-handling rules for the Nasdaq Stock Market. The securities industry had requested a delay last week. The rules, which started to go into effect with 50 stocks on Jan. 20, aim to spur competition and give investors access to the best available prices on Nasdaq. The second phase was due to go into effect Friday with 100 more stocks. Instead, the SEC whittled that to 50 stocks and delayed the start until Monday. The other 50 stocks will be phased in Feb. 24, bringing the total to be covered by the rules on that date to 150. The Securities Industry Assn. and the Security Traders Assn. said last week that computers at many firms and private trading systems were being overloaded by the new rules.