The NASDAQ Stock Market on Thursday announced plans to introduce an equity and index options market in the third quarter of 2007, pending approval from the Securities and Exchange Commission.
NASDAQ plans to operate a fully automated, price/time priority market with an opportunity for price improvement that provides a level playing field to all participants. The NASDAQ Options Market will be the first options trading platform to offer true price/time priority.
“The options market is on the verge of a transformative change, driven by the SEC's call for quotes in increments of pennies versus nickels,” explained Chris Concannon, Executive Vice President of The Nasdaq Stock Market, Inc.
He continued:
“The move to decimalization will shift the competitive landscape toward market platforms that are equipped to handle extremely high volume with an equally high level of efficiency. The NASDAQ Options Market will leverage NASDAQ's fast, fair and transparent equities trading system that it acquired through the INET acquisition.”
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