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NYSE Requests SEC Relief From Upcoming Regulations

Reuters
Friday, 2 Mar 2007 | 2:14 PM ET

NYSE Group has requested the U.S. Securities and Exchange Commission grant it relief from securities regulations that would oblige the New York Stock Exchange to route orders to certain markets, according to a public filing.

Those markets include a stock exchange operated by the International Securities Exchange and alternative trading platforms regulated by the NASD, one of the securities industry's self regulatory organizations.

The NYSE, the largest U.S. stock exchange, and ISE, the largest U.S. electronic options exchange, both declined to comment.

The regulations, called Reg NMS, or Regulation National Market System, some of which come into effect on Monday, would require automated, or "fast," markets to route orders according to the best available price.

NYSE has requested the deadline be pushed back to April 5 from March 5 for its obligation to route orders as required by new regulations to the International Stock Exchange and NASD Alternative Display Facility participants, which include Direct Edge, LavaFlow, and Track Data Securities according to the NASD Web site.

NYSE had requested in January that a Feb. 5 deadline for the regulations be delayed until March.

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