Is The Proposed NYSE Retail Liquidity Program Just A Trojan Horse?

14

October, 2011

On October 12th, NYSE Euronext filed a proposal for its new Retail Liquidity Pilot Program (Read Proposal Here) The program can best be summarized as an “internalization” program for the NYSE. The program will clearly disadvantage the displayed liquidity provider and potentially harm the price discovery process even further. Here is how the NYSE describes it:

“Under the proposed rule change, which is subject to SEC approval, there will be two new classes of market participants on the New York Stock Exchange and NYSE Amex:
Retail Liquidity Providers (RLPs),

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