NYSE Gives Floor a Credit to Provide Liquidity
The NYSE Hybrid Market has begun offering floor brokers a credit for providing liquidity, a signal that it is inching closer to the maker-taker fee model prevalent among execution venues. However, the credit--NYSE's first for the floor--is unlikely to draw new liquidity.
The proposal to institute a $0.0004 per-share credit to the floor was published in the Federal Register on March 5, though it was filed with the Securities and Exchange Commission on Feb. 28, the date it became effective. Comments are due by March 26, and the SEC has until May 4 to decide whether to rescind the policy.
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