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NYSE Defending SLP, Claiming Will Add More Participants

Tyler Durden's picture
Submitted by Tyler Durden on 07/30/2009 10:09 -0500



Duncan: can you please clarify who the current SLP actors are at this point, and why, if it is so economic, are more Broker/Dealers not funneling in? From this morning's NYSE conference call.

"In addition to speed improvements we are also in the process of modernizing the floor to accommodate more floor based trading businesses and to expand the SLP program by adding new participants.


Please do not be confused about what SLPs do and what the type of programs are. The SLP program is open to anyone. And any SLP who wants to collect the rebate for providing liquidity is strictly performance based.


It must be they must execute at the inside market and then and only then if they performed they received a rebate, this is very different from some of these other programs that our competitors are using which have no obligations and in many cases not even a to attract the order this is all part of ongoing efforts to the extend liquidity on the NYSE classic platform is specifically on the floor."

But we appreciate the NYSE recoginizing just how critical clarity is on this major issue, which provides certain actors with half the NYSE PT order flow.

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by Anonymous
on Thu, 07/30/2009 - 10:29
#19372

Once all the big boys are up to 'speed'....this may get even worse for the little guys.

by skeleton
on Thu, 07/30/2009 - 10:44
#19388

Is the SLP program why I keep getting fills at XX.xx99 - so they are the "inside" market?

 

by Anonymous
on Thu, 07/30/2009 - 10:49
#19396

Is that the sound of a BROKEN RECORD?

by Anonymous
on Thu, 07/30/2009 - 11:32
#19474

It's not a broken record, it's a skipping CD. Similar mechanical problem, just a whole lot faster...

by Jim_Rockford
on Thu, 07/30/2009 - 11:57
#19494

Tyler:  From what I recall, the SLP authorization is due to end in October of this year.  It was due to end July of this year, but the NYSE petitioned the SEC on the eve of expiration to extend it.  The SEC granted the extension without delay or comment period at the NYSE's request, because (in part) the NYSE basically stated that there was no time for delay or comment (as they had conveniently waited until the eve of expiration to ask for an extension).  Bottom line .... ZH, Ron Paul, Grayson, Issa, Schumer, Superman, Captain America ... take your pick .... will hopefully persuade the SEC to not extend the SLP authorization until (at least) adequate comments have been solicited and gathered; and as such, not continue SLP authorization at all.

If you could link your NYSE application content from the old site, it might be a good thing.

Will attempt to contact my congressmen and see if any of them have the balls to get involved.  Suggest all other persons with Zero Hedge Intelligence do likewise.

Per this article: http://www.rgemonitor.com/financemarkets-monitor/256626/more_observations_on_the_supplemental_liquidity_provider_program is there not an opportunity to drive a stake through the heart of SLP on Oct.1 2009?

PS: wysiwyg strikeout functionality = non-functional in re "Hedge" above.

by deadhead
on Thu, 07/30/2009 - 12:52
#19603

TD (or Ray P.)

Did Mr. Pellecchia ever respond to the pointed and specific question of GS using info garnered on non NYSE exchanges via flash orders to trade on the NYSE?

Thank you.

 

 

 

by Anonymous
on Thu, 07/30/2009 - 13:25
#19665

Does nyone know what happens at the fed at 13:10 Pm in the afternoon. the bond market goes crazy at exactly that time.

by whacked
on Thu, 07/30/2009 - 15:59
#19883

After lunch and a few drinks, funded by taxpayers.

 

 

by Anonymous
on Fri, 07/31/2009 - 00:49
#20390

I agree... now is the time to be pressuring the SEC to seriously reconsider NYSE's ideas for the SLP. The whole program should be scrapped... yesterday.

NYSE really hasn't made a case on why adding liquidity via increased proprietary trading is helping anyone at this point. It's clearly helping the entity doing the proprietary trading, though, via volume rebates. And it's helping the NYSE with the increased volumes.

While MSM and the brokerages love to associate "added liquidity" as positive concept for the investing masses-- SLP-driven liquidity is "bad liquidity", as it serves no useful purpose, but to funnel HFT into prop desks.

It just another instance where the SEC needs to do their damn job, and fails to wake up from its afternoon slumber.

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