Jack Miller, Head of Trading at Baird, recently discussed the merits of the Order Protection Rule and whether or not it should be eliminated. According to Miller:
"Ultimately an outright repeal of the Order Protection Rule could lead to a regression into some of the market features that gave rise to its implementation in the first place – clients missing opportunities to trade or trading at inferior prices… There are no simple answers, but capturing the spirit of this rule while enhancing liquidity discovery and removing impediments to trading in size are worthwhile goals."
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