16 July 2018
Register today

Nasdaq OMX and Bats to stop offering flash order types

07 August 2009  |  1384 views  |  0 Source: Nasdaq OMX

The Nasdaq OMX Group (Nasdaq:NDAQ) today announced that it will voluntarily cease offering flash order types, effective September 1st, 2009.

We appreciate that Chairman Schapiro and the Commissioners will assume overall leadership for the industry to conduct a comprehensive review of all issues related to flash orders. We recognize the SEC's rulemaking process will take time, yet as an exchange we have the ability to move on our own. We respectfully call on other markets offering similar functionality to make the same decision.

Separately, BATS Exchange, an innovative and technology leading U.S. securities exchange, today announced it will voluntarily cease offering the BATS Optional Liquidity Technology (BOLT) order type effective September 1.

"BATS Exchange is pleased to make this announcement, particularly because Nasdaq has also heeded our July 30th call to eliminate flash orders in a coordinated fashion with the rest of the industry.

"On July 7th we were the first to call for a thorough industry review of flash orders and we highlighted some of our issues of concern with this particular practice," said Joe Ratterman, CEO of BATS Exchange and BATS Global Markets.

"The move announced by BATS Exchange today reflects our commitment to doing what we can to Make Markets Better and it is our hope that, through serious discussion, a rational conclusion can be made as to whether these order types are detrimental to the markets and should be prohibited going forward.

"In the interim, we continue to encourage the remaining exchanges and ECNs using flash order types to voluntarily withdraw them as an act of goodwill to the industry," he said.


Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit info.nice.comVisit www.aciworldwide.com

Who is commenting?

Suresh K Suresh K Commented on: I am the password
A Finextra member Finextra Member Commented on: Mastercard enlists Wor...
A Finextra member Finextra Member Commented on: Mastercard enlists Wor...

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
9774 views comments | 18 tweets | 30 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8320 views comments | 3 tweets | 1 linkedin
PayPal ready to spend $3bn a year on acquisitionsPayPal ready to spend $3bn a year on acqui...
8216 views comments | 13 tweets | 17 linkedin
No greater change will occur than that in financial servicesNo greater change will occur than that in...
7800 views comments | 7 tweets | 13 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
7691 views comments | 6 tweets | 14 linkedin

Featured job

Competitive base, double ote, benefits
New York City, NY - USA

Find your next job