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Thursday, March 28, 2024

Schizophrenic NASDAQ Voluntarily Eliminates Its Own Flash Orders

Courtesy of Tyler Durden

The Nasdaq, which recently was quite vocal in its condemntation of Flash orders, yet forgot it offers Flash orders itself, has taken matters into its own noble hands (and luckily out of those of the SEC’s chairwoman). From a just issued press release:

NASDAQ OMX to Voluntarily Eliminate Flash Order Offering

NEW YORK, Aug. 6, 2009 (GLOBE NEWSWIRE) — The NASDAQ OMX Group, Inc. (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.

In (lack of) other news, Goldman Sachs has still not voluntarily ceased pitching its Sigma X dark pool to clients.

hat tip Nic

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