Before the new rules a mutual fund or hedge fund that wanted to dump 100, 000 shares of Microsoft quickly could, for example, bypass the New York Stock Exchange and sell them all at once on a different exchange if it saw an open order to buy 100, 000 shares--even if the offer price on the NYSE was a nickel higher.

FORBES: Magazine Article

Before the new rules a mutual fund or hedge fund that wanted to dump 100, 000 shares of Microsoft (nasdaq: MSFT - news - people ) quickly could, for example, bypass the New York Stock Exchange and sell them all at once on a different exchange if it saw an open order to buy 100, 000 shares--even if the offer price on the NYSE was a nickel higher.

FORBES: Swinging At Nasdaq

On the other hand, pressure from antitrust officials at the Department of Justice forced Nasdaq to open up its order-handling system to electronic brokerages.

ECONOMIST: Good-bye to all that | The