Yesterday, NYSE completed the rollout of Phase 1 of our next-generation market model, and began Phase 2. For those tracking these changes, here is the complete list of issues and when they joined Phase 1. Now, for all of our issues: – Designated Market Makers trade on parity with others, and no longer act as agent (as Specialists did) for ...

Another bit of good news that came out yesterday is that effective Monday, Nov. 17, NYSE will no longer need to halt stocks whose price falls below a buck and route any orders in those stocks to our sister NYSE Arca platform. We’ve changed our system to be able to recognize sub-penny prices at which other markets might quote those stocks, so ...

My MMC (magazine-marketing colleague) Meredith Elliott writes: With all the headlines centered on the latest financial crises, it can be challenging to maintain a balanced outlook on the state of affairs in global business. Fortunately, the 4Q issue of nyse magazine reports on some positive developments. Our cover story on Medco Health Solutions...

As the New York Stock Exchange continues the rollout of our next-generation trading model, and recognizing that we’re making significant changes, I thought it might be useful to summarize the main roles and responsibilities of each of the three key market participants: Designated Market Makers (who have succeeded Specialists); Trading Floor B...

For those who keep up with this stuff (and may I say, bless you and thank you), here are a few links to reference information about the rollout of the next generation of New York Stock Exchange. Hope it’s of some use, and apologies for not pulling this together sooner. The world is turning too fast for this old analog guy. Various referen...

If you love newspapers and markets (as does your humble blogger), and in particular love newspaper photos of markets, you’ll enjoy Picturing the Crisis: A look at photographic coverage in the financial press (CJR.org), in which the Columbia Journalism Review assesses who has had the best photos of the financial crisis: the Financial Times, Ne...

For those of you who ask me what the NYSE Trading Floor has been like lately, here are two slice-of-life articles that I would recommend: This Land: Financial Foot Soldiers, Feeling the World’s Weight (NYTimes.com) Excerpt: Not long ago, a floor broker named Danny Trimble cocked a finger to his head and placed it against his temple, for reasons...

Traders Magazine discusses our new Supplemental Liquidity Providers pilot program. Excerpt: These so-called supplemental liquidity providers (SLPs) must maintain a bid or an offer at the national best bid or offer in their assigned securities at least 5 percent of the trading day. In return, the NYSE will pay them a rebate of 15 cents per 100 sha...

In today’s Financial Times, a sign of the times: Investors put trust in people at NYSE. Excerpt: The explosive growth of electronic trading has meant an ever-shrinking role for the NYSE’s group of so-called specialists who match buyers with sellers in certain stocks. Brokers who facilitate the trading process have also been marginalise...

We’ve been hearing a lot of rumors of a market closure or delayed opening today — all untrue. Opening Bell will ring at 9:30 a.m. as usual. We’ve also been hearing the question, “What are the circuit-breakers again?” Here is a link to our graphic on the subject, and an explanation of how the breakers work: Rule 80B ...