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NYSE allows more electronic trade
New York, Feb 06: The New York Stock Exchange on Thursday proposed an expansion of electronic trading on the Big Board`s floor, one of several important changes that bow to demands from investors and listed companies for more flexibility at the world`s biggest and most liquid exchange.
New York, Feb 06: The New York Stock Exchange on Thursday proposed an expansion of electronic trading on the Big Board's floor, one of several important changes that bow to demands from investors and listed companies for more flexibility at the world's biggest and most liquid exchange.
Amy Butte, 36, was named chief financial officer, effective immediately.
"The percentage of electronic trades will grow," said John Thain, the former Goldman Sachs executive who been on the NYSE's chief executive for just three weeks.
He added that the specialist system will remain in place and will be necessary to handle large complex trades.
Specifically, the NYSE will seek regulatory approval to scrap two limits governing electronic trade, the "30-second limitation for consecutive orders and the 1,099-share size limit for orders."
The NYSE will also seek approval to make market orders eligible for trading through the electronic system. Right now, only limit orders are eligible.
The exchange's electronic trading platform, called NYSE Direct+, accounts for less than 10 percent of daily trading volume.
Butte replaces Keith Helsby, who Thain said was retiring as CFO.
About two years ago Butte was hired by Credit Suisse First Boston as chief strategist and CFO at CSFB's financial services division. Before that, at Bear Stearns, she was an analyst tracking brokerage firms.
The operational changes, which have been approved by the NYSE members, still must be cleared by the US Securities and Exchange Commission, Thain said. Bureau Report
"The percentage of electronic trades will grow," said John Thain, the former Goldman Sachs executive who been on the NYSE's chief executive for just three weeks.
He added that the specialist system will remain in place and will be necessary to handle large complex trades.
Specifically, the NYSE will seek regulatory approval to scrap two limits governing electronic trade, the "30-second limitation for consecutive orders and the 1,099-share size limit for orders."
The NYSE will also seek approval to make market orders eligible for trading through the electronic system. Right now, only limit orders are eligible.
The exchange's electronic trading platform, called NYSE Direct+, accounts for less than 10 percent of daily trading volume.
Butte replaces Keith Helsby, who Thain said was retiring as CFO.
About two years ago Butte was hired by Credit Suisse First Boston as chief strategist and CFO at CSFB's financial services division. Before that, at Bear Stearns, she was an analyst tracking brokerage firms.
The operational changes, which have been approved by the NYSE members, still must be cleared by the US Securities and Exchange Commission, Thain said. Bureau Report