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Article: Nasdaq Pricing Discrimination? Critics Go to War Over Proposed New Fee Structure.(Brief Article)
- Article from:
- Traders
- Article date:
- May 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The third phase of Nasdaq's proposed new fee structure violates the objectives of the national market system and raises monopoly issues, according to several critics.
In separate letters to the Securities and Exchange Commission, Instinet and BRUT contend that Nasdaq is trying to hurt those customers who will only be partial users of the Nasdaq facilities such as SuperSoes, a centerpiece of the SuperMontage.
"Instinet believes that the fee proposal seeks to solidify the dominant position of Nasdaq's future for-profit market center by penalizing NASD members for use of competing facilities, in direct contravention of the requirements of the Securities ...