NYSE Euronext to Launch Retail Liquidity Program
05 Luglio 2012 - 8:52PM
Business Wire
NYSE Euronext (NYX) has received approval from the U.S.
Securities and Exchange Commission (SEC) to establish a
first-of-its-kind Retail Liquidity Program, a market innovation
that produces cost savings for individual investors through price
improvement on retail equities trading order flow for New York
Stock Exchange (NYSE) and NYSE MKT listed and NASDAQ UTP-traded
equity securities.
The Retail Liquidity Program is complementary to existing
marketplace offerings for retail investors and is intended for use
by retail brokerage firms directly and market intermediaries that
service retail order flow providers. NYSE Euronext expects to
activate the RLP on both the NYSE and NYSE MKT markets on Aug. 1,
2012.
“The Retail Liquidity Program is an attractive trade execution
alternative for individual investors,” said Joseph Mecane,
Executive Vice President, NYSE Euronext. “Providing price
improvement for retail orders within an exchange environment
affords individual investors new economic incentives and ensures
greater transparency, liquidity and competition throughout the U.S.
cash equities marketplace.”
The new program will establish two new classes of market
participants on NYSE and NYSE MKT:
- Retail Liquidity Providers (“RLPs”),
which would be required to provide price improvement (“Retail Price
Improvement Orders”) for certain retail order flow (“Retail
Orders”) in the form of interest that is better than the best
protected bid or the best protected offer (“PBBO”). Similar to our
other dedicated liquidity provider programs, RLPs would receive
certain economic benefits in exchange for meeting performance
obligations; and
- Retail Member Organizations (“RMOs”),
which would be eligible to submit Retail Orders to the
Exchange.
Member organizations other than RLPs are also permitted to
submit Retail Price Improvement Orders. The electronic Retail
Liquidity Program requires participants to improve the PBBO by a
certain minimum increment, benefiting the retail investor’s
execution price.
The related rule filings for NYSE and NYSE MKT listed and UTP
traded securities, respectively, can be found at:
-
http://www.nyse.com/nysenotices/nyse/rule-filings/pdf?file_no=SR-NYSE-2011-55&seqnum=1
-
http://www.nyse.com/nysenotices/nyseamex/rule-filings/pdf?file_no=SR-NYSEAmex-2011-84&seqnum=1
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About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial
markets and provider of innovative trading technologies. The
company's exchanges in Europe and the United States trade equities,
futures, options, fixed-income and exchange-traded products. With
approximately 8,000 listed issues (excluding European Structured
Products), NYSE Euronext's equities markets — the New York Stock
Exchange, NYSE Euronext, NYSE MKT, NYSE Alternext and NYSE Arca —
represent one-third of the world’s equities trading, the most
liquidity of any global exchange group. NYSE Euronext also operates
NYSE Liffe, one of the leading European derivatives businesses and
the world's second-largest derivatives business by value of
trading. The company offers comprehensive commercial technology,
connectivity and market data products and services through NYSE
Technologies. NYSE Euronext is in the S&P 500 index. For more
information, please visit: http://www.nyx.com.
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