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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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From: gaj6/13/2008 7:04:49 AM
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NYSE changes.

(from briefing.com, synopsis of WSJ)

The Wall Street Journal reports the NYSE (NYX) is planning to unveil a series of proposed new rules Friday in an effort to turn around its falling market share. The changes by the NYSE Euronext unit would further overhaul the role that "specialist" traders play. The NYSE is essentially proposing to end the hybrid model and replace it with new rules that give the specialists less privileges, but more freedoms, in the way they trade. Specialists would be called "designated market makers" under the new rules, and would no longer be able to have their computer algorithms receive electronic orders before their display publicly. "The current system doesn't work very well," says Lawrence Leibowitz, head of U.S. markets at NYSE. "This positions the specialist to actually add value in the market again." The proposed changes require SEC approval, but Mr. Leibowitz hopes they can be completed by the end of September. The move is an acknowledgment that many customers prefer speedy trading without the presence of an intermediary, and that the intermediaries could trade more effectively if they were able to pick their spots more carefully. In return for giving up some of their privileges, specialist firms will gain more freedom to trade derivatives such as stock options and to bring in technology and trading experts from different parts of their firms.
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