Perhaps one of the reasons for New York’s stock exchanges’ apparent preoccupation with Europe is that is provides a welcome diversion from the headache of sorting out their own problems back home.
This April, Phase I of the NYSE’s eagerly awaited hybrid market system was launched. This will allow electronic access to 2,703 NYSE issues previously only traded by the NYSE on its floor.
Introduction of the system, originally designed for the execution of small retail orders, had been waiting for the SEC’s approval, which was finally given at the end of March.
The timing of Phase II, which is supposed to give specialists the ability to narrow spreads and...
