On January 20, 1997, the Securities and Exchange Commission began requiring Nasdaq market makers to execute or display customer limit orders. In addition, Nasdaq began displaying quotes placed by market makers to execute or display customer limit orders. In addition, Nasdaq began displaying...

The relative merits of dealer versus auction markets have been a subject of significant and sometimes contentious debate. On January 20, 1997, the Securities and Exchange Commission began implementing reforms that would permit the public to compete directly with Nasdaq dealers by submitting...