NYSE to reallocate certain specialist rights to Kellogg Specialist Group

By: Ray Pellecchia

File Under: NYSE

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From an NYSE news release just out:

NYSE to Reallocate Certain Specialist Rights to Kellogg Specialist Group Excerpt:

The New York Stock Exchange announced today that, at the request of and in cooperation with SIG Specialists, Inc., it will allocate the specialist assignment in 147 NYSE-listed stocks to Kellogg Specialist Group by December 1, 2007. These issues, currently handled by SIG Specialists, account for approximately 2% of NYSE listed volume. SIG Specialists’ affiliate, SIG Index Specialists, LLC will continue as a specialist in NYSE Arca-listed ETF products.

“The NYSE is committed to providing a smooth transition experience for these listed issuers and the investment community. We are pleased that Kellogg Specialist Group will be taking on these additional responsibilities and we welcome their efforts to expand their operations on the NYSE floor,” said Duncan Niederauer, President and co-Chief Operating Officer, NYSE Euronext.

“I applaud SIG for their contributions to trading on the Exchange and for working with us to ensure a seamless transition. We see this as the first phase of a larger, more extensive transition process where we expect to add new liquidity providers to our Specialist community, further enhancing market quality on the NYSE.”

New liquidity providers, further enhancing market quality. Just me talking, but I like the sound of that.