Nasdaq's Summary of the SEC’s Proposed Changes to the National Market System

[stochastix]

See here:

Summary of the SEC’s Proposed Changes to the National Market System

highlights:
* Create Multiple Regional SIPs
* Eliminate the Unified (centralized) NBBO
* Expand “Core” Data to include Full Depth of Book, Auction Data (nearly all exchange data)
* Create “Round Lots” of Fewer Than 100 Shares
* Require Order Display Without Protection
* Expand the Authority of the NMS Plans to Set Prices for Exchange Data
* Change the Voting Structure of Equity NMS Plans


This thread is for comments and discussion

 

[Metamega]

I’m not going to lie. I’m confused reading the that. Sounds like more complexity which is what has got the stock market into its current mess.

But I’m assuming it NASDAQ opposes it then it’s good for retail?

 

[stochastix]

I’m not going to lie. I’m confused reading the that. Sounds like more complexity which is what has got the stock market into its current mess.

But I’m assuming it NASDAQ opposes it then it’s good for retail?

a lot more complex.. yes, i dunno about retail. i would say most retail traders and lay people dont have a clue about this stuff

 

[qlai]

Generally speaking, NASDAQ has been good for industry, including retail, compared to the monopolistic NYSE. I suspect what they are proposing is what the SEC wants, but it should appear as coming from the industry.

 

[stochastix]

I'll get around to writing up a reasonable response to it at some point and put in my 2 cents, but I'm just a lone ranger

 

[Nighthawk]

Require Order Display Without Protection

=

enlighten me - does this mean no more "hidden icebergs"?

 

[murray t turtle]

See here:

Summary of the SEC’s Proposed Changes to the National Market System

highlights:
* Create Multiple Regional SIPs
* Eliminate the Unified (centralized) NBBO
* Expand “Core” Data to include Full Depth of Book, Auction Data (nearly all exchange data)
* Create “Round Lots” of Fewer Than 100 Shares
* Require Order Display Without Protection
* Expand the Authority of the NMS Plans to Set Prices for Exchange Data
* Change the Voting Structure of Equity NMS Plans


This thread is for comments and discussion

%%
Round lot on AMZN would be less than 100 shares; but they gave no example, so AMZN may get more liquid/less bid ask if that goes on...……………………………………………….For stocks prices over $50 your link notes

 

[qlai]

Require Order Display Without Protection

=

enlighten me - does this mean no more "hidden icebergs"?

This has to do with odd-lots which are currently not protected. The proposal is actually good for retailers trading odd lot shares of higher priced stocks - more protection.

 

[Nighthawk]

This has to do with odd-lots which are currently not protected. The proposal is actually good for retailers trading odd lot shares of higher priced stocks - more protection.

Thanks!

 

[qwerty11]

I’m not going to lie. I’m confused reading the that. Sounds like more complexity which is what has got the stock market into its current mess.

But I’m assuming it NASDAQ opposes it then it’s good for retail?

US equity market is not a mess - it's the best and most competitive in the world!!