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  • SEC Releases Staff Report On Order Execution Quality - Comparison of Matched Pairs Of Nasdaq, NYSE Securities Indicates Nasdaq Spreads Wider Than NYSE For All But Largest Company Securities

    Date 08/01/2001

    As part of its on-going inquiry into market fragmentation, the Securities and Exchange Commission's Office of Economic Analysis today released a staff report that compares the costs of trading equity securities in the Nasdaq market with trading of listed securities on the New York Stock Exchange. The Report finds that on market orders of 100-499 shares for very large companies the average effective spreads (the actual costs paid by investors) are nearly equal. (Although the first matched-pairs t

  • NYSE Statement on SEC Report On The Comparison Of Order Executions Across Equity Market Structures

    Date 08/01/2001

    We commend the SEC and its Office of Economic Analysis on an impressive report that focuses attention on the quality of order execution. The study - consistent with many others cited in Appendix A of the report - validates our belief that investors benefit from the direct interaction of orders and the high order-flow concentration our market provides. The agency-auction model offers the most efficient method of price discovery, leading to the lowest execution costs and best prices for customers.

  • Nymex To Lower Natural Gas Margins

    Date 08/01/2001

    The New York Mercantile Exchange will lower the margins at the close of business today on all but the first two months of its Henry Hub natural gas futures contract to $5,000 from $7,000 for clearing members; to $5,500 from $7,700 for members; and to $6,750 from $9,450 for customers.

  • Nasdaq Comments On SEC Report On Execution Quality

    Date 08/01/2001

    The Nasdaq Stock Market (Nasdaq®) President Rick Ketchum made the following comments today on the Securities and Exchange Commission's (SEC) "Report on the Comparison of Order Executions Across Equity Market Structures." "We agree with the SEC's introductory 'important caveats' that there is no single, all-encompassing measure of execution quality, that their sample is limited, and that their matching approach did not account for possibly important factors. Ignoring such factors as the type or a

  • Copenhagen Stock Exchange Now Offers Stock Market News With Unabridged Announcements From The Listed Companies Directly To All Investors

    Date 08/01/2001

    The Exchange's web site www.xcse.dk introduces free stock market news. The Danish service primarily contains the listed companies' announcements -unabridged and raw, moreover, it contains 6 daily market reports and news in brief from Denmark (SIX), top15 news (RB-Børsen) as well as daily market reports from the world's leading stock markets (Reuters) throughout the week, as long as the stock markets are open.