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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who started this subject5/21/2004 3:42:29 PM
From: TFF  Read Replies (1) of 12617
 
NYSE Still Mulls Stopping Direct+ at Times
The New York Stock Exchange is close to finalizing a revamped proposal to boost its auto-execution capability, a crucial step in the transformation of the last major floor exchange into an automated or "fast" market, industry sources said. The proposal would still allow floor specialists to "freeze" the NYSE Direct+ auto-execution system when trading in a given stock results in a market imbalance, according to a source close to the exchange. "The NYSE would be a fast market 98 percent of the time, or something like that," the source said. It is unclear whether the Securities and Exchange Commission would agree that being automated most of the time, but not all of the time, would allow the NYSE to earn the "fast" market label, likely to have an important bearing on the exchange's future. The SEC's proposed Regulation NMS market reform includes an exemption to the trade-through or "best-price" rule that would allow automated or "fast" markets to ignore the quotes displayed on a non-automated market, due to the difficulty in accessing those quotes. The SEC defines as an "automated order execution facility" a venue that provides an immediate, automated response to all incoming orders up to the size of its best bid/offer without any restriction. In particular, Reg NMS specifies that "market centers that turn off their automatic execution systems" would not qualify as automated or fast venues. "It's for the public good," the source said of the NYSE's intention to retain in Direct+ rules the occasional "freeze" on the auto-execution system. Whether New York can convince the NYSE commissioners that the "public good" consideration is valid enough to amend its Reg NMS proposal is unclear. Critics argue that investors need direct access to markets especially during times of market-moving news.
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