New Jersey’s Direct Edge announced that it was dropping flash orders effective today:
“Direct Edge will cease to offer its Competition for Price Improvement (“CPI”) functionality as of the close of business Monday, February 28, 2011. No customer action is required. All CPI-eligible orders will be unaffected, except that CPI will no longer be part of the routing strategy. For more information, please contact your Direct Edge sales representative.”
Since the summer of 2009, nearly 1 ¾ years ago, the industry has universally spoken out against the practice. Morgan
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