NYSE Auto-Execution Restriction
Change may be in store for the NYSEâs Direct+ auto-execution system. The SEC has approved an NYSE rule change that prevents Direct+ executions that occur more than five cents away from the last sale. That means traders might no longer have the ability to auto-execute against far away NYSE bids and offers. The rule change may be in response to traders who use Direct+ to print stock considerably away from the last sale. These trades often mislead investors and cause a less âorderlyâ market. No word on when the new rule will take effect.
Change may be in store for the NYSEâs Direct+ auto-execution system. The SEC has approved an NYSE rule change that prevents Direct+ executions that occur more than five cents away from the last sale. That means traders might no longer have the ability to auto-execute against far away NYSE bids and offers. The rule change may be in response to traders who use Direct+ to print stock considerably away from the last sale. These trades often mislead investors and cause a less âorderlyâ market. No word on when the new rule will take effect.