NYSE Auto-Execution Restriction?

Change in NYSE’s Direct+ auto-execution.

The SEC has approved an NYSE rule change that prevents Direct+ executions that occur more than 5 cents away from the last sale.

When is the change become effective? And is it 5 cents seems very small amount to me?

thanks,

 

i'd guess that means that your NX order will have yet another quick route into the specialists book, yet again defeating the stated purpose of NX.

 

5 cents is ridiculous. I could see 25 cents so as to keep people from getting screwed by paying too much. But having a 5 cent rule which is less than the spread often is just plain stupid.

I guess they want the specialists to be able to front run even more.

 

This sucks.... where did you find this info ?

 

This has been in effect for weeks now. My firm sent out a email on this in June. Also there are some stocks in which it is totally unavailable.

 

boycott nyse large cap. everybody trades futures now !

 

exactly, like already stated, more than 15 cents to 1/4 would seem ok, but .o5 is ridiculous

 

anyone have any proof or a link??

 

so, any links??

 

Link to rule?

nitro