Capital Rules Eased for NYSE Specialist Firms
Traders Magazine, September, 2006 by Gregory Bresiger
It's easier now for a Big Board specialist firm to get hitched. That's because the New York Stock Exchange Group's specialist "marriage penalty" capital requirement was just eliminated under a rule change approved by the Securities and Exchange Commission. Big Board capital requirement rules had stipulated that a specialist firm merged with another must continue to meet the collective capital requirements of each of the firms.
"These were not rational requirements," Grace Vogel, executive vice president of member firm regulation for the New York Stock Exchange, told Traders Magazine. "A lot of excess capital was accumulating at the merged firms that far exceeded the amount they needed to manage their risks." Lower capital requirements, trading executives say, will ease the...
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