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Vanguard & NYSE Advisory Group Question the Big Board's Latest Hybrid Proposal

Traders Magazine, September 2005

Gregory Bresiger

The Vanguard Group is the latest critic of the fifth amendment of the New York Stock Exchange's hybrid market plan, a plan that may be recast after an NYSE advisory committee of buyside traders recently raised objections. Meanwhile, Vanguard officials complain that the way specialists would be able to use algorithms under the fifth amendment is "unfair" to other market participants, who would be forced to use specialists without cause.

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