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 NYSE said in a statement yesterday that it was compliant in all areas except connection to the National Association of Securities Dealers Alternative Display Facility and the International Securities Exchange. The exchange expects to solve these problems by April 5.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.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Banks will not be frowned upon for discount window borrowing – Fed official
Risk Live: more banks have completed paperwork to access Fed lending facility than a year ago
Capital One puts OCC’s tough stance on mergers to the test
Proposed Discover deal should be approved but will go under the microscope, ex-regulators say
As FCMs dwindle, regulators fear systemic risk
Panellists highlight dangers of clearing membership becoming more concentrated
EU banks fear green asset ratios paint an unfair picture
Industry lobbyist clashes with lawmaker over usefulness of new sustainability disclosure
EU watchdogs to launch prop trader capital review in April
Prop traders say bank-style IFR rules are driving them out, but doubt EBA will suggest changes
Investors say new SEC disclosures may sit on shelf
Advisory committee questions value of rule 605 changes, even for retail investors
CFTC hears ‘call to action’ from swaps end-users on Basel III
Commissioner Pham mulls engaging with prudential regulators over capital hit on clearing
Iosco gears up for ‘intensive work’ on AI regulation
Watchdogs risk ‘falling behind the curve’, secretary-general warns; FSB also working on guidance
Most read
- Top 10 operational risks for 2024
- Regulators’ FRTB estimates based on faulty premise – industry study
- As FCMs dwindle, regulators fear systemic risk