Links for Feb. 28, 2007

By: Ray Pellecchia

File Under: NYSE

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"After a Rough Morning, A Data Backup Jolts The Blue-Chip Average" : "Louis Pastina, an executive overseeing trading systems at the Big Board, said 'a rush of orders' in the last hour of trading overwhelmed the exchange's computers, leading to delays and an unknown number of orders that were never completed. Some trades may have been done on alternative markets or in an after-hours crossing session the NYSE extended by a half hour to 5:30 p.m., he said. He added that floor traders were finishing trades manually until around 4:25 p.m., about 20 minutes later than usual." (Wall Street Journal)

"Regional exchanges primed for comeback after NMS" : "But the Big Board, which last month handled its lowest-ever share of NYSE-listed trades, says trading volume at the exchange is growing and that a host of NMS-related services should help protect its share. And of the new competition, NYSE Vice President Colin Clark points out: 'It may not be that costly to create a new platform but you need captive liquidity.' Even if it continues to lose market share, NYSE should maintain market leadership with enormous liquidity, diversified products and an unmatched global footprint stretching into Europe and Asia." (Reuters)

"NYSE, Nasdaq Drop Gloves to Battle for Listings" : "The battle between the NYSE and the Nasdaq for each other's listings has heated up. With big money and prestige at stake, the two exchanges have tried hard to differentiate their sales pitches." (Wall Street Journal)

Tags: New York Stock Exchange, Hybrid Market, NYSE, NYSE Group, NYX, trading,