NYSE零售订单执行试点计划的提案获得SEC批准

The Securities and Exchange Commission has approved the New York Stock Exchange LLC and NYSE Amex LLC proposal for a pilot program that lets them set up for one year a private trade execution venue for retail investors. The “retail liquidity program” will go up against internalizing brokerage firms for retail order flow while offering price improvements at mere fractions of a penny. (Currently retail brokers send most of their orders through broker dealers that internalize or execute them in over-the-counter markets instead of bilateral exchanges.)

根据NYSE EURONEXT（NYX）的说法，该计划将于8月1日在NYSE MKT和NYSE上实施，并符合当前零售投资者目前存在的贸易执行选择。该计划供与零售订单流提供商合作的零售经纪和市场中介人直接使用。

NYSE Euronext执行副总裁约瑟夫·麦肯（Joseph Mecane）在上周发布的新闻稿中说，在交换环境中给出零售订单的价格提高，使个人投资者能够提供新的经济激励措施，同时通过美国现金股票市场创造更大的流动性，透明度和竞争。该计划将在NYSE Exchange设立两个新的市场参与者类别：1）零售成员组织将转交零售订单到交易所和2）零售流动性提供商，这些零售流动性提供商将不得不给出价格提高，因为利息的价格比比价格更高的竞争力exchange’s best protected bid/offer as a tradeoff for specific economic benefits. A NYSE member can qualify as a liquidity provider by obtaining approval as a market maker or supplementary liquidity provider on the exchange, while demonstrating that it can meet retail liquidity provider requirements.

According to the SEC, a lot of commenters were opposed to the NYSE pilot program. One common concern is that segmenting retail orders might get in the way of making sure that non-retail investors get fair access, and, as a result, end up establishing a two-tiered market. There is also worry that the program might cause sub-penny trading to grow.

然而，尽管有反对派，SEC认为拟议的规则变更可以改善零售投资者的价格订单，同时为机构投资者创造机会与目前无法访问的零售订单流程。委员会不同意该计划可能会在市场结构上产生重大的“转变”。确信该计划将密切复制现有的OTC市场交易动态，这将创造另一个竞争场所，以执行零售订单流量。

As part of its July 3 order approving the pilot proposal, the SEC gave NYSE a limited exemption from Rule 612 of Regulation NMS [National Market System] The sub-penny rule doesn’t allow exchanges to display or accept orders or quotations in any NMS stocks in price increments under a penny-unless the orders or quotations in stock are priced at under $1/share.

多年来，我们的securities lawyers已经帮助成千上万的个人和机构投资者弥补了他们的损失。要安排您的免费案例评估，请联系Shepherd Smith Edwards和Kantas，Ltd LLP今天。

阅读SEC的订单（PDF）

秒Approves NYSE Proposal to Set up Pilot Program for Retail Order Execution, Bloomberg/BNA, July 6, 2012

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