Last month we wrote about a new order routing strategy from Nasdaq called SCAR  and summarized it as: “SCAR can be combined with all sorts or order types, and Times-In-Force. SCAR allows exchange members to seek liquidity on Nasdaq, and its sister exchanges (BX and PSX). Any unexecuted orders will rest on Nasdaq and not route out. It will not route to clear a locking exchange. It will therefore incur less take fees.” We have since learned a little more about SCAR from a new Nasdaq filing which goes into detail on its pricing. Nasdaq’s objective appears to be to grow its (more…)

The SEC is pressing ahead with the Transaction Fee Pilot (TFP) even as the exchanges continue to try to slow them down through the courts.  Last night, the SEC announced that pre-Pilot data compilation period will begin on July 1, 2019 and will end on December 31, 2019. This means that, even though there is still pending litigation, stock exchanges must begin collecting data for the pilot. We’re glad to see the SEC pushing back hard at the exchanges and still believe that the lawsuit that NYSE, Nasdaq and Cboe filed against the TFP was a bad idea.  Their strategy is most likely to try (more…)

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Nov, 2018