Financial Services Industry
Industry: Email Alert RSS FeedSIFMA's NMS Trade-Through Victory.
Traders, July, 2007 by Chapman, Peter
The Securities Industry and Financial Markets Association got the exemptions it sought to the Securities and Exchange Commission's new trade-through rule.
The organization's trading committee had petitioned the SEC in a letter on May 1 for the right to trade through those public quotes that are protected under Regulation NMS's order-protection rule in two specific scenarios.
The pass from the SEC came on June 8 and brings to 13 the number of exceptions and exemptions to the sweeping new rule won by SIFMA. (See feature on page 58 for details.)
Under the new exemptions, broker-dealers will be able to put up prints inferior to the market's protected quotes when they are correcting trades done in error or resolving depth-of-book trade-throughs....
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