Third Market Reforms: The Overlooked Goal of the SEC's Order Handling Rules
评估了1997年美国证券交易委员会订单处理规则改革对第三市场（纳斯达克交易纽交所股票）的影响，发现改革未提升报价竞争，反而因废除超额价差规则降低了报价质量和频率。
Abstract In 1997, the Securities and Exchange Commission enacted significant reforms in U.S. markets. Several studies document that the new order handling rules increased competition for Nasdaq stocks, but the reforms were designed with an additional goal in mind—to increase quote competition for the trading of NYSE-listed securities on Nasdaq (i.e., third market trading). An evaluation of the reforms in the third market indicates that they did not achieve this objective. Instead, both quote quality and quoting frequency were diminished, due primarily to elimination of the excess spread rule. This suggests that more significant changes are needed to increase inter-exchange competition.