NYSE struggles to implement Reg NMS on time
The New York Stock Exchange (NYSE) has failed to fully comply with the trading phase of Regulation National Market System (Reg NMS), which came into force yesterday.
The US Securities and Exchange Commission (SEC) had already extended by one month the compliance date for this phase from February 5 to March 5, on the NYSE’s request.
The SEC had previously delayed the implementation of this regulation from mid 2006 to allow the market more time to prepare. All US exchanges must comply with the regulation and some have overhauled their model trading systems or rebuilt whole systems to adapt.
The aim of Reg NMS is to enforce transparency rules that guarantee investors the best available price by ensuring trades are routed to the exchange that offers the lowest price.
The phased implementation is planned to be complete by October 8.
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