The Nasdaq plans to launch a new trading service built around the Boston Stock Exchange, which it purchased in August, and will feature customer and proprietary limit orders. There will be no routing to alternative venues, which may help Nasdaq keep a lid on fees. Nasdaq thus joins the NYSE and others who offer more than one execution venue, each with a separate fee structure. This could appeal to high-volume traders who prefer immediate-or-cancel order types.

The real mystery is around Nasdaq's plans to seek approval for an all-new order type. Apparently, it will dovetail with the new "second quote" service. Details are scant. Any guesses? 

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