Gary Katz, president and chief executive officer of the International Securities Exchange, threw out a challenge to fellow options exchange leaders last week. Speaking at the FIA Conference held in Boca Raton, Florida, Katz challenged options exchanges to unequivocally embrace price improvement by making all crosses, not just stop orders, available for the entire marketplace to see.
“I challenge the leaders of the exchanges who are so concerned about the future of liquidity and the...