McInish, Thomas H; Ness, Bonnie F Van; Ness, Robert A Van - In: Journal of Financial Research 21 (1998) 3, pp. 247-54
We study the effect of the implementation of new Securities and Exchange Commission order-handling rules--the Limit Order Display Rule, the Quote Rule, and the Actual Size Rule--on NASDAQ's quoting and trading behavior. We find that the number of reported quotes increases and the bid-ask spread...