NYSE Floor Brokers Challenge Rules For Proposed Basket Trading System
THIS WEEK'S LEAD STORIES
A basket product proposed by the New York Stock Exchange could threaten some fundamental principles of the Big Board's auction market, says the Alliance of Floor Brokers in a letter sent to the Securities and Exchange Commission. The alliance represents some 400 NYSE members.
The Big Board proposed in June to introduce a basket instrument, called the Exchange Stock Portfolio, made up of stocks in the Standard & Poor's 500 index (TST, June 19). The basket, which initially will trade in $5 million
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