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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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From: TFF	7/5/2007 11:11:31 AM
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Specialist Parity Expected Soon Jun-29-2007 \| Source: Wall Street Letter The New York Stock Exchange is expected to propose a rule that gives specialists parity with the rest of the market. Co-Chief Operating Officer Duncan Niederauer may make the announcement as soon as this week, trading executives said. NYSE has been deliberating with its membership and the Securities and Exchange Commission for some time on how to ease specialists' transition to electronic trading (WSL, 4/13). A spokesman declined to comment. Currently, specialists must always put their own orders second to incoming orders. Because they can only see one incoming order at a time, specialists are finding it difficult to maintain an adequate amount of liquidity on the books and plan their inter-positioning. The new rule would let specialists keep their place in line, making it easier for them to be profitable an environment where their privileges are increasingly restricted. "Specialists' advantage of time and place is greatly diminished and they're making much less money than they used to. Parity will give them an incentive to stay, which is a good thing," said one trading exec.

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