The Investment Company Institute has expressed concern about an aspect of the new New York Stock Exchange hybrid market plan, according to Dow Jones. The "broker agency interest file" allows brokers to post orders outside of the best price available that aren’t displayed with other orders but that generally receive the same priority.

These hidden orders raise questions about market transparency. "We don’t think they’re the right way to go," said Ari Burstein, associate counsel at the ICI. Instead, the brokers should display at least a portion of those orders as a matter of market fairness.

Otherwise, the ICI has given thumbs up to the plan, which it says has cleared up some formerly hazy issues that had concerned the mutual fund lobbying group.


The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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