The Investment Company Institute has expressed concern about an aspect of the new New York Stock Exchange hybrid market plan. 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," Ari Burstein, associate counsel at the ICI, told Dow Jones. Instead, the ICI would like brokers to display at least a portion of those orders as a matter of market fairness.