NYSE May Repeal Ban on Off-Floor Trades
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The New York Stock Exchange is moving to eliminate a rule government regulators have attacked as anti-competitive that bars brokerage members from trading some of the Big Board’s older stocks unless members are on the floor of an exchange.
Scrapping Rule 390 could be a boost to electronic trading networks known as ECNs, many of which are owned in part by brokerages. Though ECNs have grabbed a third of the Nasdaq Stock Market’s volume, they haven’t made similar inroads on the NYSE.
“This is a huge opportunity for ECNs,” said Jamie Selway, an official with the Archipelago trading network. “It certainly would make the world more competitive.”
The NYSE’s board is expected to consider repealing Rule 390 Thursday, sources said.
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