NYSE May Boost Electronic Trades
New York Stock Exchange Chief Executive John A. Thain plans to remove limits on trades made electronically to appease institutional investors and attract more business to the world’s biggest equity market, people familiar with the plans said Friday.
Thain, the former Goldman Sachs Group Inc. president who moved to the exchange two weeks ago, has proposed letting orders bypass floor brokers and be automatically executed at the best size and price available at any time.
At stake is the NYSE’s 80% share of trading in 2,576 listed stocks amid a Securities and Exchange Commission probe of its market makers and competition from electronic rivals such as the Nasdaq Stock Market and the Archipelago Exchange.
“We continue to seek customer input as we look to further broaden the NYSE’s order-delivery and execution platform,” a statement from the exchange said.
The NYSE’s board is expected to discuss Thain’s proposal Thursday. The rule changes would require the SEC’s approval.
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