Flash orders for the masses?

Does it have to be either/or when it comes to flash orders? In the immediate aftermath of the flash order brou-ha-ha, BATS and the Nasdaq OMX both decided to end the practice by Sept. 1. But Traders notes International Securities Exchange (ISE) is aiming to appease the Securities and Exchange Commission and some Congressmen, by suggesting that the options flash orders be allowed to continue. But there's a twist: Instead of disseminating the flash information to a limited audience, why not distribute the flash orders to the public?

The idea may be picking up some support on the equity side. BATS has also argued that marketable orders that seek liquidity only on a particular exchange, rather than those that would otherwise be routed to another market, should be included in the consolidated tape. Orders seeking liquidity on a particular exchange would be canceled if they do not get filled at the market's best price.

It gets sort of complex fast. In the end, we'll have to see if the flash proponents can overcome the notion that the order type is geared to the big players who have an opportunity to get better prices than the masses. We'll see if this approach wins the day. 

For more:
- here's the article

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