Financial Services Industry
Industry: Email Alert RSS FeedAt Deadline.(filing for hybrid market plan )
Traders, October, 2005
Thain Speaks
*The New York Stock Exchange will file a seventh amendment with the Securities and Exchange Commission for its proposed hybrid market plan just a few days after filing amendment six, NYSE chief executive John Thain announced. His comments came at a recent conference of the Investment Company Institute, the fund industry's trade organization.
In defense of the hybrid plan, Thain said Big Board officials are trying to accomplish several things: Preserve a price-improvement system, respond to requests from those who want to trade electronically at the NYSE and update the current trading system, which recently reached three billion shares in a day last month.
Thain said the NYSE needs to become a more electronic market so that it...
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