*Letters

Proposed NAqcess System

Published on:
August 1, 1996

The Trading Committee of the Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) on the National Association of Securities Dealers, Inc’s and the Nasdaq Stock Market, Inc.’s proposed NAqcess system.  The NAqcess system was designed to assist investors in achieving prompt, efficient executions of their small orders and to provide an opportunity for price improvement over the dealer quotation within an automated execution environment. SIA believes that the system lends itself to abuses by professionals posing as individual investors. In addition, SIA notes they do not believe that the possible consequences of this far-reaching proposal have been adequately explored by the NASD.

*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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