Market Structure Reform Unwrapped: What's Inside the Regulatory Box?
Boxes and Lines
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The Importance of Non-Exhaust Flow in an Auction
SCC is proposed to create its own best execution rule. Ronan: I agree wholeheartedly with what Eric and Joe are saying, but only if people will really send non exhaust flow into such an auction or it won't work otherwise. The tagging of order flow could be helpful. And then two, the duration being at least 10 milliseconds long, you know, to 100 milliseconds for the really sharp exhaust.
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