NYSE Proposes Revised Rules For Specialist Traders

Law360, New York (June 13, 2008, 12:00 AM EDT) -- Responding to an increase in electronic trading, the New York Stock Exchange has proposed a series of new rules to change the way specialist traders operate on the exchange floor.

In a proposal submitted to the U.S. Securities and Exchange Commission on Thursday and made public on Friday, the NYSE outlined a series of rule changes that would allow specialist traders more privileges.

The rules acknowledge that unlike traders using electronic trading programs, floor traders often help control market volatility, stepping in when investors look to...
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