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The Archipelago Exchange Seeks Market Reforms that Preserve Innovation, Encourage Competition and Provide Investor Choice; - True investor protection must include all firm limit orders, not just those at the best bid and offer. -.

Publication: PR Newswire
Publication Date: 21-JUL-04
Format: Online
Delivery: Immediate Online Access

Article Excerpt
WASHINGTON, July 21 /PRNewswire/ -- In testimony to the Senate Committee on Banking, Housing and Urban Affairs on July 21, 2004, Jerry Putnam, CEO of the Archipelago Exchange(SM) (ArcaEx(R)), commended the SEC's efforts to modernize the U.S. equities markets but encouraged intervention only in areas where competition had not already cured the markets ills.

Putnam restated his 2002 proposal for trade-through reform that would "allow markets with firm quotes to trade-through markets with non-firm quotes, but...

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