Nasdaq and Bats Square off on Market-Close Orders

The status quo never likes change, nor the upstarts that attempt to initiate innovation. When innovation and change occur, the entrenched typically lose prominence, certainly preeminence, and often times money. Disagreement and conflict ensue, but the strongest survive and seem to stay in power.  It happens across the full spectrum of businesses, and it’s happening again now with Nasdaq, Inc. and Bats Global Markets.

Most are familiar with Nasdaq, the world’s first electronic stock market. It was founded in 1971 by the National Association of Securities Dealers, the financial self-regulatory agency of its era. At first, Nasdaq was only a quotation system, but, eventually, it effectuated the majority of trades that previously had been executed through the over-the-counter system where trades between parties occurred without exchange supervision. Over time, Nasdaq helped lower the bid-ask spread in stocks and became more of a true stock exchange by adding trade and volume reporting and automated trading systems. It was the first stock exchange to start online trading and touted itself as “the stock market for the next hundred years“. A hundred year superiority was not in the cards, but Nasdaq did attract new growth companies such as Microsoft, Oracle, Apple, and Cisco, and it helped modernize the IPO process. In 1992, Nasdaq merged with the…


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