Last month, when a broker at Mizuho Securities mis-keyed a share order, the TSE was unable to help reverse it, causing ¥40 billion ($330m) of losses for Mizuho.
These are either straight payments for the executions of a share order, or they are "soft" commissions, that is, share orders directed to a particular broker in return for things like research, trading screens and other favours.The FMA is lobbying hard against Mr Myners's recommendations.
At Charles Schwab, America's biggest discount brokerage, revenue from share orders has fallen by half in the past year.
On January 18th the Tokyo Stock Exchange TSEE) shut down trading early for the first time ever, so overwhelmed was it with share orders.
Meridian is set to take share orders from local retail investors from Sept. 30 to Oct. 18.
At present, they must channel share orders to Europe's various national stock exchanges and comply with all their separate rules, which adds to their costs.
Or, perhaps, his profits, many of which are made by executing a lot of Nasdaq -and NYSE-listed share orders internally.In fact, in the short term, fragmentation might be evidence of efficient new markets trying to replace inefficient incumbents.
The car dealership, based in Shanghai, failed to generate adequate interest in the $434 million deal despite extending its period for taking share orders four days, to Monday, said the people, who were not authorized to speak to the news media.
Formula One had not formally kicked off its listing by taking share orders, and based on comments made Thursday by Mr. Ecclestone, it appeared unlikely that it would do so any time in the immediate future.
So far Merrill has been able to get its clients to cancel hundreds of thousands of share orders in the hot new issues of The Globe.com, Ticketmaster/CitySearch, Ubid and Xoom.com.
In a typical soft-dollar trade, a fund might pay a commission of 5 cents a share on a 10,000-share order, when it could have paid 2 cents a share.
