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Some Thoughts: Well, our paper has caused a stir. We are glad that it did, although we did not expect it to be as big as this. We are less than comfortable with the attention, but feel the issues we raise have to be raised. Often times we are amazed that folks much smarter than us, at firms with so much more resource, have not been more proactive at addressing some of these inherent conflicts in our system. Our suggestion for all those on the buy-side and buy-side friendly firms (and there are certainly some brokers with impeccable reputations for
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New Rule on d-quotes and e-quotes: On May 17, 2010, the NYSE and NYSE Amex will implement a change to their rules to provide that d-Quotes and pegging e-Quotes that are entered 10 seconds or less before the scheduled close will automatically be rejected by Exchange systems. Accordingly, on a regular trading day, Exchange systems will reject d-Quotes or pegging e-Quotes entered at or after 3:59:50 p.m. The Exchange believes that the 10 second cut-off will contribute to a more orderly closing process. This proposed change is consistent with the Exchanges’ ongoing effort to streamline the closing process and enhance
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