The Big Board's Express' Service: The Big Board has two new systems that allow traders to bypass t
Traders Magazine, December 2000
In a significant departure for a market noted for the deliberateness of its floor-based auction process, the New York Stock Exchange is now offering automatic executions. The move is the result of member pressure and competition from electronic trading venues.
Two new trading mechanisms, Institutional Xpress and Direct+, will give automatic executions against the NYSE quote to block and small-order traders, respectively. The systems have been designed for traders who send their orders over the exchange's SuperDOT service, want immediate access to liquidity and are willing to forego a chance at a better price found through interaction with traders on the floor.
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