24 April 2018
visit www.nextgenbanking.co.uk

Nasdaq OMX and Bats to stop offering flash order types

07 August 2009  |  1376 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 www.ebaday.comVisit http://response.ncr.com

Top topics

Most viewed Most shared
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
14638 views comments | 21 tweets | 28 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
11384 views comments | 18 tweets | 32 linkedin
'Fake data' will make banks vulnerable - Accenture'Fake data' will make banks vulnerable - A...
9647 views comments | 26 tweets | 36 linkedin
Major card schemes zero in on single 'buy' button for online commerceMajor card schemes zero in on single 'buy'...
8730 views comments | 20 tweets | 36 linkedin
Irish central bank tunes in to fintechIrish central bank tunes in to fintech
8709 views comments | 20 tweets | 21 linkedin

Featured job

Find your next job