A new Common Customer Gateway; more layoffs on the floor; remembering an awful reason for an abbreviated trading day: a presidential assassination attempt; and of course, rock 'n' roll birthdays.
An unprecedented ETF, a singular trading symbol, and a new high (in 1999) for the best-known market indicator.
NYSE mulls allowing floor brokers to access other markets from the floor; an academic's thoughtful take on the honor and symbolism of ringing on the NYSE bell; and on this date in 1895, cleaning up the NYSE list.
NYSE plunges into bonds; auto-routing nears completion; saluting the legacy of African Americans in financial services; and Robert Frost talks about the dangerous mind.
NYSE Arca changes its fee schedule for trading issues that are priced less than one dollar.
On NYSE, all market orders and marketable limit orders up to 1 million shares are automatically executed. You no longer need to indicate whether the order should be automatically executed (the old "NX" instruction for NYSE Direct+).
Plus, here's a neat, one-page summary of Reg. NMS IOC, NYSE IOC, ISO and DNS orders.
Our Do Not Ship order type is pending the SEC's review. We'll announce when it is approved, and at that point we should be able to set a target launch date.
Today, we notified member firms that NYSE's ability to route to the International Securities Exchange and the NASD Alternative Display Facility began this week with a limited number of issues, and is expected to be completed next week, pending continued successful implementation of the new software.
A reader questions the statistics on limit orders vs. market orders, and the share volume that results from these orders.
Handling more than half the institutional volume at Citi -- human beings!; penny pricing in options; short interest hit record high last month; DinosaurTrader looks for comments; and Hard Day's Night of the Living Dead.
NYSE is notifying member firms that we've decided to quote and trade in penny increments only, and we're adopting a non-regulatory trading halt procedure in securities that are priced below $1.00 per share. Although we won't trade those securities at NYSE, we'll still permit them to remain listed so they can continue to be traded by other markets, including NYSE Arca, on an unlisted-trading-privileges basis.
Two different takes on the role of people on the trading floor; member firms' profits and customer margin debt grow; and the birth of the "two-dollar broker."
Debating the global competitiveness of U.S. markets.
A DNS order is a limit order to buy or sell that is to be quoted and/or executed in whole or in part only by the NYSE. In the event the order would require routing to away market center, it would be immediately cancelled by NYSE systems. The DNS order provides the market participant with control over routing decisions for the order.
Competing on service vs. fees, debating how to increase the competitiveness of U.S. markets, and NYSE gets a room.
The Commission has determined to adopt the Market BBO Alternative.
Business as usual on Monday (with more daylight!); American Eagle Outfitters transfers to NYSE; SEC looks to expand U.S. investor access to foreign markets; and and man behind "Lawdy Miss Clawdy" turns 74 today.
More caparcity, more derivatives, a pool of liquidity across the Atlantic, a shout-out to HybridTalk, and happy birthday, Micky Dolenz.
The latest numbers I've seen were that 90.9 percent of the trades were automatically executed, accounting for 80 percent of the shares traded.
The market to which you sent your order is the one that is responsible for routing it to a better price if necessary, and for assessing any routing charges.
Of course, it's one day's activity; we'll see how it plays out over time. But I'll take it!
A reader asks: "If someone or 'somebot' is going to flash an offer, shouldn't they have to stand by it for at least more than a fraction of a second?"
Reports from Day 1 of Reg. NMS, plus: how do I love thee? (Hey's that's Elizabeth Barrett Browning talking, not me. You and I are just good friends.)
Every day, we're putting our systems through paces they've never seen before, and then topping that level the very next day, and then repeating that again and again. I almost hesitate to point that out because I don't want to jinx things, like mentioning in the seventh inning that the pitcher has a no-hitter going. B ut I do it anyway because there's been a lot of commentary lately about our systems, and I wanted to add some context to that discussion.
A reader asks whether NYSE routes only to top of book, or do we take out multiple levels in other markets.
Trading volume can grow because there is more automation and less manual keypunching. Another cause might be that volume is growing across markets. Our share of that growing pie seems to have stabilized recently, though it's too soon to conclude anything definitively on that.
How's this for juxtaposition: today, the markets enter the Reg. NMS future, and the Wall Street area is declared a federal historic site.
Member firms can use error accounts in connection with last Tuesday's system delays; systems operating better now; NYSE seeks limited, temporary relief from certain routing requirements of Reg. NMS.
Talking tech with our CEO; SEC reportedly looking into Tuesday's delays; what the Dow really looked like.
On November 2 [1929], after the crash, the Society concluded that "the present recession, both for stocks and business, is not the precursor of a business depression."
