NYSE Reforms Get Mixed Reactions
FRONT PAGE: EXCHANGE TECHNOLOGIES
NEW YORK—In spite of the fanfare last week, reactions to the proposal by the New York Stock Exchange (NYSE) to incorporate more electronic trading have been mixed.
As expected, NYSE officials filed a proposal with the U.S. Securities and Exchange Commission (SEC) to expand the optional NYSE Direct+ system for automatic execution of limit orders. Direct+ now offers automatic execution for limit orders up to 1,099 shares at the best bid or offer, and the average order-execution time is 0.78
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