SIA Says Nasdaq Poses Clearing Risks
New York--The Securities Industry Association (SIA) has voiced opposition to the Nasdaq's planned implementation of vendor Optimark's trade matching system. The SIA says that the technology is incapable of preventing systemic risk associated with multiple Nasdaq members exceeding their obligations on an aggregate basis in executing transactions on a single issue.
Plans had called for Optimark's screen-based trading service to be used by NASD members and some non-members to submit "profiles" to
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