--Scalpers and the ISLD ECN--

[Mike Brown]

Originally posted by gaj
sec - if you send to these addresses:

rule-comments@sec.gov; marketreg@sec.gov; chairmanoffice@sec.gov


you'll get a canned response back, which totally avoids any comments you make.

Try:
John Polise
Senior Special Counsel
Division of Market Regulation

You can reach him here: PoliseJ@SEC.GOV

 

[dereksas]

Originally posted by Don Bright
At first glance, the "locked market" argument makes no sense, since I currently see a "locked market" with Redi/ARCA bids higher than AMEX offers.

My understanding of the Reg is that it only applies to those market participants who account for greater than 5% of the total volume in 4 of the past 6 months. This would not apply to ARCA or REDI. Although as I pointed out, ARCA is now >5%, so I would imagine they have 4 months to go before being in a similar situation.

--Derek

 

[mathewt]

Instinet was 4.8% of the QQQs last month.

The last few days they were 10-12% of the QQQs and 12-17% of the SPY.

So I guess the 4 month count starts now. Hopefully they work something out in the next 4 month before the get shut off like Island.

 

[traderjimbo]

Why cant Island or Instinet create their own ETF's ???? and list them on Nasdaq ??

and I know Nasdaq is planning their own ETF's -- but do not know when they are expecting to have them available - The SEC will probably hold them off as long as possible !!!

 

[Babak]

If the trend started continues they (Amex) will be killing the QQQ. That is assume that other ECNs come in and fill the void but in doing so go over the 5% threshold and as a consequence they will be shut out. Leading to the Amex as the only route.

Take a wild guess what the volume on the cubes will be if Amex is the only one standing.

I know these guys don't like competition but are they so stupid as to cut their own throats?

BTW did you guys catch that the SEC recently hired a former Anderson director? God I hate Pitt.