Its electric!
For a long time, investors and companies have urged the
By removing two restrictions - one that requires a 30-second limit for consecutive orders and another that disallows any order of more than 1,099 shares - and by adding market orders (rather than just limit orders) to the okayed list of NYSE Direct+ trades, the Exchange has expanded the role of computerized trading in its operations. The official proposal came in the form of a
"Our goal is to continue offering investors the best price as well as the most compelling array of order-execution choices," said NYSE CEO John Thain. "Only the NYSE provides this blend of market models, from completely automated to high value-added."
Thain admitted that the new permissions, which were made public during a press conference Thursday, were "consistent with the requests of many of our customers." In a turmoil-ridden year that included the resignation of former head Dick Grasso, the Big Board has begun to re-focus its attention toward satisfying its customers to their utmost.
The automated NYSE Direct+ system accounts for less than 10% of the boards trades, although the new proposals will most likely drive that percentage higher.
