NYSE to implement new volatility procedures Monday
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
NEW YORK (Reuters) - The New York Stock Exchange will implement changes Monday to its opening procedures as it seeks to speed up trading and make it more efficient even on volatile days.
The new procedures would eliminate "Rule 48," which allows market makers to delay opening a stock when markets are volatile.
Under the changes, parameters governing NYSE and NYSE MKT pre-open price indications as well as those governing automated openings would be simplified and would adjust for market volatility, the NYSE said on Thursday.
All indications will now be published to both proprietary and other feeds under all market conditions, it said.
The U.S. Securities and Exchange Commission had approved the changes in early July.
The NYSE, a unit of Intercontinental Exchange Inc (NYSE: ICE), had asked for the new rules after disorderly trading on Aug. 24, 2015, when there was a record intraday drop in the Dow Jones industrial average <.DJI>.
Unlike other exchanges, which are nearly fully automated, at the NYSE people on the trading floor open the stocks, a process the exchange says gives it greater stability because people can intervene in ways that trading algorithms cannot.
(Reporting by Caroline Valetkevitch; additional reporting by Chuck Mikolajczak; editing by Diane Craft)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Third-Party Said Interested in PrivateBancorp (PVTB) as CIBC (CM) Deal is Delayed
- Recro Pharma (REPH) Enters Revised Milestone Payment Agreement with Alkermes (ALKS)
- BlackBerry (BBRY) Launches Security-Focused Enterprise of Things Platform
Create E-mail Alert Related CategoriesReuters
Related EntitiesPre Market Movers
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!