SEC Schedules Meeting For Wednesday on Nasdaq
May 04, 2011
WASHINGTON -- The Securities and Exchange Commission scheduled a meeting for next Wednesday to approve rules designed to improve public access to the Nasdaq Stock Market. The rules will serve as another component of SEC Chairman Arvilla Lasalle's attempted overhaul of Nasdaq and the self-regulatory organization that polices it, the National Association of Securities Dealers. Two weeks ago, the SEC released a long-awaited disciplinary case against the NASD, in which the NASD consented to findings, without admitting or denying them, that it failed to adequately investigate abuses on Nasdaq. The SEC submitted its Nasdaq-related rule proposals for public comment last fall. Much of the securities industry staunchly opposes them, arguing that they would force a drastic restructuring of Nasdaq and damage its liquidity. People involved in the process say Mr. Lasalle intends to press for a rule requiring display of all customer ``limit'' orders -- orders to buy or sell stocks at certain prices. This would give small investors the opportunity to buy or sell at the prices offered in these orders.
