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From: TFF	1/13/2005 5:14:43 PM
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NYSE formally opposes SEC rule to open order books By David Weidner, CBS.MarketWatch.com Last Update: 9:55 AM ET Jan. 13, 2005 NEW YORK (CBS.MW) - The New York Stock Exchange late Wednesday lambasted a Securities and Exchange Commission proposal to open the order books in the markets to investors. In a formal comment to the SEC, the NYSE called a proposal to show orders below the best bids and offers a step toward "a homogenized, government-mandated utility." The NYSE said it supports an alternative plan in which the SEC will protect the best bids and offers of the nine self regulatory organizations, or major stock markets, and the Nasdaq. The Big Board opposes a proposed rule issued by the SEC last month, in which so-called "depth of book" bids and offers -- information only seen by subscribers and floor specialists-- would be shared with rival markets. Critics say the NYSE may be trying to protect specialists who use the bid and offer book to even the market when there are too many buyers or sellers in a stock. The proposal is one of two offered by the SEC. Another would require only the best bids and offers from each market to be published. In effect, the move will create a kind of central order book where each market's best bids and offers would be displayed. The NYSE has asked the SEC to approve an expansion of electronic trading on the floor. Electronic trades through the Direct Plus system, which limits trade size and regularity, represent only about 10 percent of the NYSE's volume.

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