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From: TFF	11/30/2004 6:28:40 PM
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SEC to release proposed rule changes By David Weidner, CBS.MarketWatch.com Last Update: 4:02 PM ET Nov. 30, 2004 NEW YORK (CBS.MW) -- The Securities and Exchange Commission said Tuesday that it will unveil changes on Dec. 15 to a proposed rule that could dramatically alter the way stocks are traded in U.S. markets. The SEC said its staff has revised the original proposal and has asked the commission to republish the proposed rule, so that the public can review it before final approval is considered early next year. "The staff's recommendations differ in some respects from the rule text originally proposed," the SEC said in a statement. "The recommendations address four major issues, are complex in their detail and to some extent are interdependent." Regulators expected to scrap their original rule, unveiled earlier this year, that called for so-called "opt-outs" that would allow investors to trade without demanding the best price. Under the new rule, the SEC would continue to require that trades be executed at the best price, regardless of which market is quoting that price. That would be a blow to institutional investors that claimed seeking the "best price" is slow and results in higher trading costs. Market analysts have said the revised rule would require a dramatic upgrade in the electronic linkages between the exchanges. Other critics, including institutional investors and rival markets, have said the New York Stock Exchange often advertises the best price, but fails to provide that price when orders are routed there. The NYSE has proposed revamping its open-outcry auction system that depends on floor brokers and specialists. The Big Board said it will offer a broad-based electronic trading system that will make it a "fast market" under SEC definitions, and require specialist intervention only in periods where stock prices are wildly swinging.

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