MOC/LOC Changes Postponed; Arca Adds Depth Routing; Short-Sale Woes; SLP Program Starts; NYSE Fights Back; Nasdaq Extends Listing Rule Suspension

By: Ray Pellecchia

File Under: NYSE, NYSE Arca

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We've postponed the rollout of enhancements to the handling of Market-on-Close and Limit-on-Close orders that was scheduled to begin this Monday, 22 Dec. 2008. Here's the text of our notice, which will be posted shortly on our Trader Updates page:

"The planned roll out of the previously announced enhancements to the handling of Market-on-Close and Limit-on-Close orders that was scheduled to begin this Monday, December 22, 2008 has been postponed to a later date. The Exchange has decided to delay the introduction of the order enhancement based on feedback we have received from our clients over the last week. The specific changes were originally announced in a detailed client communication on December 12, 2008. Additionally, the NYSE will not disable the current optional MOC and LOC blocks that members have previously requested to be added to their individual mnemonics, as originally planned for this weekend.
The NYSE will announce new, simplified closing procedures in January 2009 in a separate client communication, and will couple the new systems blocks with those procedures at that time. Please contact your Relationship Manager if you have any questions regarding this notice.

Here are some items I've been meaning to post:

Arca Adds Depth-of-Book Routing (TradersMagazine.com)

Word for Word (TradersMagazine.com) -- Our Joe Mecane talks about the problems surrounding the short-sale ban in September and October.

NYSE SLP Program Kicks Off (TradersMagazine.com)

2008 Review: NYSE Fights Back with Designated Market Makers (TradersMagazine.com) Just a quibble on this one: SLPs are not market makers, so we're moving to a multiple-liquidity-provider model, not a multiple-market-maker model.

UPDATE 3-Nasdaq to extend listing-rule suspension to April (Reuters.com) Why stop at April? How about extending it "until the next bubble kicks in"?

At 5:45 into this video, Jay Leno names the Ponzi scheme. Hey, he said it --I didn't.

Bonus link: News You Can Lose (NewYorker.com) James Surowicki examines the state of newspaper economics and says we've been getting newspapers' content on the cheap via the Web; he adds, "Soon enough, we’re going to start getting what we pay for, and we may find out just how little that is."