Google and CNBC will be the first information providers to buy last-trade data from NYSE and offer it free to the public. Real time. Free to the public. Authoritative, from NYSE. All good things. We announced a couple of weeks ago that this was coming "by July 1." Sooner is better! Been waiting a long time for this announcement, and I'm glad it's finally here.
The reconstitution takes place this Friday, 27 June. Some 164 NYSE-listed stocks will be entering or exiting the Russell indexes.
According to the firm: "ConvergEx also tripled its percentage of NYSE market share during the same time frame, which has led to a significant move up the NYSE's Broker Volume Top 10 rankings. The NYSE Broker Volume Top 10 provides a way to identify the leaders in equity orderflow and lists the top 10 NYSE member firms by volume."
In a guest post, Daniel Labovitz, an MWC (memo-writing colleague) offers a peek inside our process and a lesson in navigating between simple and complex language: keep the classics in mind.
It's also the day for the quarterly share rebalancing of the S&P 500, the S&P MidCap 400, S&P SmallCap 600 and S&P REIT Composite Indices.
Our memo includes the names of the 155 NYSE-listed issues that will be added or deleted from Russell Indexes; a rundown on special procedures for Limit on Close and Market on Close orders; and five contingency scenariios.
I learned something when I got an e-mail last night from the Webby Awards people, announcing the list of Webby recipients (which did NOT, repeat NOT, include your humble blogger, but I'M REALLY OK WITH THAT, REALLY I AM).
The thing I didn't know is that all the Webby acceptance speeches have to be five words or fewer. I never realized this because I don't pay a lot of attention to the Webbys. Which appears to be mutual.
Here are some of the changes that I think are going to be real positives.
"This positions the specialist to actually add value in the market again."
The product will allow media and Internet organizations to buy real-time, last-sale market data from the NYSE and provide it broadly and free of charge to the public.
A Q&A with Mark Schaedel, one of my MDDCs (market-data-disseminating colleagues), about two new products: NYSE OpenBook Ultra and NYSE Order Imbalances.
The SEC's action is is not a final approval, but it is a big step forward. It's been a long process, but it's leading to the right result for investors.
NYSE Euronext CEO Duncan Niederauer at the Reuters Summit last month: "In periods like expirations, in periods of higher volatility like we saw last August and this past January, I think [the NYSE trading floor] is quite a differentiator because everyone else doesn't have a lever they can pull. So when you get into volatile periods like that, people want to use the floor or they want to get human judgment involved or they want to use the experts."
