- May
- 30
- 2008
- 4:19 PM
New Data Products to Enhance Transparency, Speed of NYSE
- By: Ray Pellecchia
- File Under: NYSE
Good stuff coming on the data front in the form of two new products.
Good stuff coming on the data front in the form of two new products.
In a big stock with a big swing in its order imbalance at the close, floor traders prove their worth.
Or is it actually that the humans are defending themselves?
Larry Leibowitz on this week's earnings call: "We're talking to the SEC about changing the rules to make the market simpler, more conducive to electronic trading, but also allowing a role for a market maker with obligations, more of a liquidity provider as we evolve the specialist role...And then to continue to evolve the floor traders, have more functionality that makes more sense in an electronic world. So you will see in July, for example, rolling out algorithms in the handhelds, so that floor traders will be able to work algos from the floor, but also when large block trades happen, to be there to represent the customer. That will allow our upstairs traders to not feel that they are shut out when they give a trade to the floor, that they are also foregoing the benefits of the algo trading."
The pilot for electronic entry of Reserve Orders, which began on 23 April, will extend to all NYSE-listed securities beginning this Friday, 9 May.