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(AFX Asia) SEC OKs rule proposal to change trade through rule
SEC OKs rule proposal to change trade through rule
WASHINGTON (AFX) -- The Securities and Exchange Commission unanimously a
proved several rule proposals Tuesday designed to modernize U.S. markets, includ
ng expanding the trade-through rule, which requires trades to be completed at th
exchange posting the best price, to apply to all markets and not just the floor
based exchanges. The SEC proposed rules would require NYSE to have an automated
ystem in place that would allow faster markets to execute trades in NYSE-listed
tocks automatically. Also, the changes would allow faster markets to trade throu
h slower markets like the NYSE up to five cents off the best price listed, depen
ing on the stock's price. The ECNs would be prohibited from trading through othe
fast markets but would be permitted to match each other's best prices. The rule
proposed would incorporate an "opt-out" provision to the trade through rule for
customers who wish to bypass it altogether in order to execute their orders in a
y manner they wish, regardless of price. The SEC also proposed a cap on access f
es that some markets add on to quotes at two-tenths of a cent.
(AFX Asia) SEC OKs rule proposal to change trade through rule
SEC OKs rule proposal to change trade through rule
WASHINGTON (AFX) -- The Securities and Exchange Commission unanimously a
proved several rule proposals Tuesday designed to modernize U.S. markets, includ
ng expanding the trade-through rule, which requires trades to be completed at th
exchange posting the best price, to apply to all markets and not just the floor
based exchanges. The SEC proposed rules would require NYSE to have an automated
ystem in place that would allow faster markets to execute trades in NYSE-listed
tocks automatically. Also, the changes would allow faster markets to trade throu
h slower markets like the NYSE up to five cents off the best price listed, depen
ing on the stock's price. The ECNs would be prohibited from trading through othe
fast markets but would be permitted to match each other's best prices. The rule
proposed would incorporate an "opt-out" provision to the trade through rule for
customers who wish to bypass it altogether in order to execute their orders in a
y manner they wish, regardless of price. The SEC also proposed a cap on access f
es that some markets add on to quotes at two-tenths of a cent.
