The NYSE Responds to Zero Hedge

Zero Hedge is happy to present readers with the NYSE's response to the earlier post on dropping program trading data. I would love to see clarity on what it is that the NYSE classifies "account type indicator data" as opposed to old reliable DPTR. I sure hope this does not mean the source will be the actual account as opposed to the Exchange sourcing the data. I imagine there will be significant statistical data adjustment post fact.

Furthermore, in allowing the SLP program to go into effect on an expedited basis, the SEC said it did so because the program did not affect the protection of investors and impose any significant burden on competition. See page 2 of the linked doc

"The Exchange believes that this rebate program will encourage the additional utilization of, and interaction with, the NYSE and provide customers with the premier venue for price discovery, liquidity, competitive quotes and price improvement."

Why not suggest people submit comments to the SEC on whether NYSE's ceasing data disclosure is consistent with the securities rules and the basis of the SEC's expedited approval?

Solicitation of Comments
Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods:
Electronic Comments • Use the Commission’s Internet comment form (http://www.sec.gov/rules/sro.shtml); or • Send an e-mail to [e-mail]. Please include File Number SR–NYSE–2008–108 on the subject line.
Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2008–108. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission’s Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make publicly available. All submissions should refer to File Number SR–NYSE–2008–108 and should be submitted on or before November 26, 2008.

Regardless, I will, of course, present whatever data is available for as long as it is available.

***

Tyler -- I'm with NYSE corporate communications and wanted to let you know that NYSE is not eliminating the weekly report; we're just changing the source of the data to eliminate duplication. As the Information Memo you cite notes:

The Exchange further notes that it will use the existing account type indicator data – which captures program trade information for those orders sent to and executed on the Exchange – to report to the Commission on a weekly basis the program trading statistics for portions of program trades executed on the Exchange. Accordingly, beginning on July 23, 2009, the Exchange will provide the Commission with its weekly statistics on program trading based on account type indicator data rather than DPTR data. Similarly, at the same time, the weekly statistics regarding program trades that the Exchange provides to media outlets will also be derived from account type indicator data rather than the DPTR.

Thanks. -- Ray

Comments

[Anonymous]

“We are GS/SEC/NYSE. Resistance is futile. Prepare to be assimilated.”

[Anonymous]

could we sling a little more BS. You know our friends tried to get the TOCOM to stop putting up timely commodity info a while back....seems the situation with the gold/silver shorting was a little too obvious for some folks' tastes and they wanted things run like the CTFC allows the Comex to run -- whatever goes on behind the curtain stays behind the curtain and the precious metals stay down -- .....the TOCOM -- to their credit -- declined the honor to join in the suppression of information.

We need to keep the spotlight on this, and the pressure on. This is getting ridiculous. Anyone else notice the "activities" in the gold and silver Comex markets today?

[Anonymous]

oh gawd yess!....when i saw gold plunk today i
thought to myself either bernanke just got off
the phone with rahm emmanuel who told him to
fuck gold or goldman sachs knew instinctively to
sell a bunch of naked shorts to prop up the
dollar and make bonds look attractive.
....whee, selling gold
is easy when you don't have to put up collateral....
and besides, when gs, db, and jpm have 75-99% of
all gold short positions one has to take care
of one's investment, n'est ce pas?

the treasury's biggest job right now is prop up
the dollar....you will notice for several days -
since the china visit - the treasury will NOT let
the dollar slide under 80 without immediately
intervening....that is the maginot line and rubicon
all rolled into one.

[Anonymous]

It wasn't Emmanuel shorting gold and silver ...

It was me.

Not a lot to see there, nor is it particularly difficult. What does a central bank care what the price of gold is. Heck, it helps their certificates on balance when it's more expensive. They're much more concerned about the price of Wheat, Corn and Soybeans collectively.

[Anonymous]

for the love of god please turn on full-text RSS again.

[dnof]

here here - I having both feeds run right now and definitely the old feed is way better....

[Veteran]

Fer real. As TD mentioned the other day, I have severe ADD and anything requiring more than four seconds of wait time drives me to drinking. Any ETA on getting bugs worked out? This bottle of Mad Dog, (had to downgrade from Carlo Rossi recently), ain't gonna last much longer

[dark pools of soros]

ahh Lightning Creek?? 200% courage per bottle

[economessed]

Ray, if you're reading this, can you please state the objective for this change? What was it you intended to improve? Who benefits from the change? How will this new reporting methodology improve transparency and clarity for all market participants? What is changing that prevents you from continuing the DPTR as you move to this new methodology?

[Anonymous]

I think you should bring back Diqus comments.. much better to edit and links to other blogs..

ANYWAY ZERO.. did you see that BS print on the SPY.. 15 milliion shares pushed the PPS up to pin at the 92 strike... pure manipulation

[Anonymous]

yes...i am not sure if it is just my browser but
the edit portion bleeds into the 3d column making
composing a pain. feels like a type writer.

[Anonymous]

PLEASE full text RSS.

[ShankyS]

That did not take long. Did you offer them and ZH gear, coffee mugs for their desks?

[Anonymous]

I expect you're aware that GS has the NYSE by the short hairs. In the most recent month, trading by the NYSE in its own listed shares fell below 40% for the first time, with more share loss to come in future months. The volume is going to Direct Edge, of which GS is a principal owner, to BATS and to numerous dark pools in Europe and Asia, which GS is helping to organize and coordinate.
If anything, the NYSE numbers understate the manipulation and domination of the equity markets by GS.

[dark pools of soros]

exactly exactly exactly

were Russian markets this shady before their late 90's crash?

[Anonymous]

I have many friends in Eastern Europe who tell me that what's going on looks like the same exact thing.

[Cplus]

Duplication of previous comment. Sorry, just getting used to the new system.

[DFTT]

Story being picked up away, http://www.businessinsider.com/nyse-halts-disclosure-of-goldmans-trading...

[KidDynamite]

gentlemen - as one who used to actually have to file the DPTR (i'm guessing I'm the only one here who has actually done so), let me explain:

when you enter a program trading order, it's coded as agency, principal, or index arb. The current change looks like it's just going to start using the data gathered from those codes, as opposed to having some mook on the trading desk manually compile the data each night on the DPTR and send it to the exchange. it's simple technological advancement - it's what you want.

what the change is LIKELY to result in, in my opinion, is actually LOWER reported volumes, and more accurate ones - as firms won't be able to "cheat" and report things like ETF creations/redemptions on their DPTR volumes (which they could previously do as "customer facilitation"

what i am not sure of is what will happen to all the risk trade volume, which was also coded as cust facil - these are trades where the customer comes in to the broker for a blind risk bid on a basket of stocks.

[dark pools of soros]

congrats on shedding your mook status

[Anonymous]

please fulltext RSS

[Anonymous]

All your trades belong to us.

[Anonymous]

All your trades ARE belong to us.