and selling interest in wannacry affected bitcoin those other market centers.". 110 See Exchange Act Rule 10b-10, 17 CFR 240.10b-10. (17) "ITS/caes Security (stock means a security (stock) (a) that is a System security, (b) that is a 19c-3 security and (c) and (b) as to which one or more ITS/caes Market Makers are registered as such with the nasd for the purposes of Applications. 22 Fragmentation occurs when investor order flow is directed to several markets that are not connected. 56 See SA Letter; Amex ITS/caes Letter; CSE ITS/caes Letter; CHX ITS/caes Letter.
Summary of Comments The Commission received 15 comment letters relating to the expansion of the ITS/caes linkage to all listed securities. 36 In addition, in 1995, in the proposing release for the Order Handling Rules, the Commission solicited comment on whether the ITS/caes linkage should be expanded to cover non-Rule 19c-3 securities. 94-249, 94th Cong., 1st Sess., at 92, reprinted in 1975.S. In light of these changes, as discussed below, the Commission believes that there is no longer any need for the historical distinction between Rule 19c-3 and non-Rule 19c-3 securities in the ITS/caes linkage. 64 The nasd further believes that it can alleviate concerns about the trade through issue by surveilling ITS/caes market makers for compliance with ITS/caes rules, including the trade through rule. 120 Paragraph (c 1) of Rule states that the term "small business" or "small organization when referring to a broker-dealer, means a broker or dealer that: (1) had total capital (net worth plus subordinated liabilities) of less than 500,000 in its prior fiscal year's audited. 68 Specifically, the nasd proposed to eliminate a provision of its rules applicable to the reporting of transactions in exchange-listed securities, which requires members to report transactions in a manner "reasonably related to the prevailing market taking into consideration all relevant circumstances." For years, the. 58 Specifically, CHX believes that block positioners that are not"ng two-sided continuous markets should have limited ITS/caes access for the purpose of sending commitments when they would otherwise trade through a market, while third market makers who do hold themselves out as willing. Katz, Secretary, Commission, dated September 1, 1998 SA Letter Lon Gorman, President, Schwab Capital Markets and Trading Group, Charles Schwab., to Jonathan. 39 Preliminarily, the Commission found four elements of the current operation of ITS and the ITS Plan to be an unreasonable impediment to competition among the various markets: (1) minimum increments for ITS commitments; (2) the lack of access to ITS for OTC market makers;. nyse Pacific Exchange, Inc. The nasd also contemplated an automated interface between the ITS and caes ITS/caes to permit automated execution of commitments sent from participating exchanges and to permit market makers participating in the enhanced Nasdaq to route commitments efficiently to exchange markets for execution.
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