NYSE Defending SLP, Claiming Will Add More Participants
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.