• Mar
  • 21
  • 2006
  • 2:25 PM

Broker-dealers discuss NMS implementation "challenges"

By: Ray Pellecchia
File Under: NYSE

In addition to the article we just mentioned from Securities Industry News, this article from SIN (subscription required) reports on how the industry is gearing up for Reg. NMS.

The article (first of three parts) begins with discussion of how the Reg. NMS deadline will be delayed, but after you wade through that, there's fresh reporting on preparedness in the broker-dealer community. The takeaway seems to be that the major firms "are well on the case," "but challenges remain," such as putting the tools in place to comply witht he revised trade-through rule. And of course, a number of vendors have begun offering services and solutions to help them address those problems.

Comments

It was quite a lot to wade through, and left me with quite a few questions.

How is NYSE reassuring its trading users and their technology vendors about the potential regulatory and operational effects of a NYSE bid for London--coupled with the recent signing of a cooperation agreement between the FSA and SEC--on the Reg NMS requirements they have been spending so much money and effort preparing for?

Cheers,

Maybe that's a loaded way to put it. How about this? Do you find yourself being asked that question? Have you found that to be an issue or concern? And if so, how would NYSE address such uncertainties?

by Colin Brayton, http://blogalization.nu/marketmachines on March 23, 2006 3:24 PM

Colin -- Thanks for the question. A brief survey of my colleagues who speak with the buy and sell sides and vendor community indicates that they, like everyone else here, get questions about the latest rumors, but people know that we can't comment on the speculation.

Our approach is to focus on the factual -- we're implementing our Hybrid Market, here's what we're building, here's what you need to do to access us. Particularly on Hybrid, we've taken care not to post specs for products and services until they're approved and finalized. Overall, I think we have a pretty good track record of not crying wolf.

by Ray Pellecchia on March 27, 2006 8:46 AM

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