[20010126]RS20631_连接美国股市的中央限额指令簿（CLOB）期权.pdf

Congressional Research Service ? The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20631Updated January 26, 2001The Central Limit Order Book (CLOB) Optionfor Linking U.S. Stock MarketsGary ShorterSpecialist in Business and Government RelationsGovernment and Finance DivisionSummaryA central limit order book, or “CLOB”, is a policy option currently underconsideration by the Securities and Exchange Commission. A CLOB is an electronicsystem that would link the various stock markets (exchanges, market makers, andalternative systems) in an attempt to correct some of the problems that have emergedbecause of the proliferation of trading venues in recent years. As envisioned by some,a CLOB could allow the centralized display of investors offers to trade stocks whichare listed on various stock exchanges. CLOBs also tends to be conceptualized as anorder display device that would allow those who first submit a stock trade to receiveexecution priority over similar, but subsequent orders. CLOB detractors, however, saythat it could impede innovation and subject U.S. stock markets to systemic risk. In thesummer of 2000, the SEC abandoned the idea of imposing a