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NYSE Specialists Get Break on CAPs

Traders Magazine, May 2008

Peter Chapman

The New York Stock Exchange, as part of a broad-based initiative to shore up specialists' competitiveness, will permit them to trade CAP orders on parity with other orders. Currently, specialists handling CAP, or convert-and-parity, orders for floor brokers must cede any trade to a competing DOT or other agency order at the same price. Under the exchange's proposal, CAP orders will have equal standing with DOT or other agency orders.

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