Nasdaq plans to offer a new order type aimed at long-term investors, the company announced Monday. The exchange operator expects to have the new order available for use by the end of year, said Nasdaq Chief Executive Officer Bob Greifeld, pending approval from the U.S. Securities and Exchange Commission. The order will allow an investor to get priority in the trading queue by committing to not change or cancel their trade for a period of one second.
“This is a revolutionary new market structure wrapped up in an order type,” Greifeld said in an interview. “I think the great innovation of this approach is the simplicity of it.”
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