*Letters

Implementation of the SEC’s Order Handling Rules

Published on:
January 22, 1997

The Trading Committee of the Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) on the recent approval of a number of regulatory and systems changes by the National Association of Securities Dealers, Inc. (NASD) relating to the implementation of the SEC’s order handling rules.  In particular, the changes include a 3-month pilot during which NASDAQ market makers will be able to quote minimum share sizes of at least 100 shares when they are not displaying customer limit orders.  SIA believes that the display of customer limit orders and orders placed in electronic communications networks (ECNs) adds significant new resources of liquidity to the NASDAQ market, and that mandatory quote size requirements are therefore unnecessary.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.

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