SEC approves Direct + NX rule

Discussion in 'Order Execution' started by BankerBlueChips, Feb 20, 2003.

  1. Direct+ Rule Change
    The SEC approved an NYSE request to allow multiple traders in the same firm to enter Direct+ (NX) orders within 30 seconds of each other. The previous interpretation of the rule restricted trading firms--as a whole--from entering multiple Direct+ orders within a 30-second period, even if the trades were based on the independent decisions of individual traders. The revised rule requires that orders be entered from different terminals and that a supervisor periodically monitor such orders to ensure compliance with the 30-second requirement.

    I guess that complaint about NX at firms like Worldco won't be an issue anymore.
  2. good to see the NYSE made the request :cool: It sure would be nice if they upped the size from 1099