October 30, 2009
it is essential that the following feature is present in any market place: all orders, of any size have to be executed according to clear rules with respect to 'priority' and 'precedence'. The execution trail has to be verifiable after the trade in case there is any dispute as to the accordance with these rules. Publication of transactions has to be as near to 'real time' as is technically feasable. There should be no exception (neither to market makers, semiprofessionals or large investors)