Finally, reproposed Rule 610 would
require SROs to establish and enforce
rules that, among other things, prohibit their members from engaging in a
pattern or practice of displaying
quotations that lock or cross the
automated quotations of other trading
centers. Trading centers would be
allowed, however, to display automated quotations that lock or cross the manual quotations of other trading centers. The
reproposed rule thereby would reflect
the disparity in speed of response
between automated and manual
quotations, while also promoting fair
and orderly markets by establishing that the first automated quotation at a price, whether it be a bid or an offer, is entitled to an execution at that price
instead of being locked or crossed by a
quotation on the other side of the
market.
