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NYSE Providing More Hybrid Details

Traders Magazine, October 2004

Editorial Staff

The New York Stock Exchange is responding to pressure from regulators and the industry to clarify its hybrid market proposal. The Securities and Exchange Commission and the Securities Industry Association as well as other commentators - have publicly said the Big Board's proposal is cryptic. More precise information was needed on the exchange plans to increase its number of automatic executions. Annette Nazareth, the SEC's director of market regulation, told the Security Traders Association's annual conference in Boca Raton that the NYSE's proposed enhancement of its Direct+ auto-execution system is part of the hybrid market structure "puzzle and also a bit puzzling." Nazareth later told reporters she expects the Big Board to provide more details.

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