As if we didn’t have enough market venues and problems due to fragmentation, NASDAQ is planning on launching a third exchange in the third quarter. They already operate NASDAQ and NASDAQ BX and now have an application in with the SEC for NASDAQ PSX. This new exchange will “offer an active price/size priority model for trading U.S. equities” http://www.nasdaqtrader.com/Trader.aspx?id=nasdaqpsx We are sure there are already a bunch of HFT programmers coding to take advantage of a new ”arbitrage” scenario which will form with this new exchange.
Of course, one beneficiary of this new exchange will be NASDAQ. They plan on waiving the
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