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Derek Edward Schloss
Traders Magazine Online News

What the !@#$ is a Security Token?

In this first part of a series, Mr. Schloss will begin to explain what a security token is by explaining how the building blocks of securities law are fundamental to understanding the tremendous value security tokens will one day unlock.

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November 8, 2005

NYSE Revises Hybrid Still Again

By Peter Chapman

The New York Stock Exchange, under pressure from institutional investors, has revised its controversial hybrid market proposal yet again.

The Big Board last month filed a sixth amendment to its hybrid plan with the Securities and Exchange Commission. In it, the Exchange modifies rules surrounding specialists' price improvement obligations and floor brokers' standing on the display book.

The New York Stock Exchange, under pressure from institutional investors, has revised its controversial hybrid market proposal yet again.

The Big Board last month filed a sixth amendment to its hybrid plan with the Securities and Exchange Commission. In it, the Exchange modifies rules surrounding specialists' price improvement obligations and floor brokers' standing on the display book.

Specifically, the changes limit a specialist's opportunities to "price improve" an order, or post a better quote on the book. This change was made partly in response to comments from the Investment Company Institute over the New York's fifth amendment to its hybrid plan, according to the Big Board.

The changes in Amendment Six also raise the status of certain orders posted on the book over and above that of floor brokers' hidden orders during a sweep.