New NYSE rule lets floor brokers access other markets
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A rule change at the New York Stock Exchange will allow brokers on its trading floor to handle non-NYSE listed stocks, in a move meant to stem trading share losses to newer competitors.
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The SEC approves ticker rules to increase competition and reduce confusion.
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Federal regulators yesterday proposed a revamped package of changes in how US stocks are traded, extending the reach of a rule requiring brokers to obtain the best possible price for customer orders even if it means going to another market and takes longer.
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Get the latest scoop from brokerages and choose the best.
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Investors are allowed to put the money in their I.R.A.âs into almost anything, be it condominiums or airplanes. A growing number of people are doing just that.
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Floor trading of energy contracts on the New York Mercantile Exchange (NYMEX) is ending more quickly than anticipated, as screen-based trading brings to a close a way of life for many floor traders.
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A former New York Stock Exchange   (NYSE) floor trader charged with securities fraud broke Big   Board rules and cheated the public by improperly manipulating   trades, a federal prosecutor told a jury on Tuesday.
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Proposed S.E.C. rules will allow foreign companies to raise money in the American capital market without having to comply with U.S. rules.
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(InfoWorld) - The Nasdaq Stock Market's efforts to buy the London Stock Exchange PLC is another milestone in globalization, and touches the world of IT. As exchanges merge and increase the fluidity of funds globally, a new world of competitive options open. The Nasdaq's latest bid, launched Nov. 20, to buy the part of the LSE it doesn't already own for Â£2.7 billion ($5.1 billion) is poignant in its historic and political overtones. The Nasdaq tapped technology to match buyers and sellers -- starting with simple bulletin boards -- and helped revolutionize trading over the last 20 years. As world class IT companies like Microsoft and Oracle went public on the Nasdaq, the exchange rode the computerization of modern life to great success. Most exchanges have adopted some form of electronic trading, including Nasdaq archrival the New York Stock Exchange (NYSE Group Inc.) and the LSE itself. Exchanges have unique advantages and retain distinct personalities, however. Linux vendor Red Hat Inc., for example, will move from the Nasdaq to the NYSE Tuesday. "The New York Stock Exchange has much stronger global recognition, and we're looking for a global branding image," said Linda Brewton, Red Hat manager of investor relations. She also noted that even though the NYSE has adopted electronic trading, trading is still done under live market specialists and that this reduces share-price volatility. The LSE, which traces its history back some 300 years, has rejected Nasdaq's bid, claiming it undervalues the exchange. The mercurial mayor of London, Ken Livingstone, is also on the case. Last week he asked the U.K.'s Office of Fair Trading to investigate, claiming that the acquisition would eliminate competition to U.S. markets for international company listings. Livingstone also echoed the concerns of many Europeans, that as U.S. exchanges merge with European markets, tighter U.S. regulations would hamper Europe's growing market competitiveness. This last issue has also caused bumps in the NYSE's deal to merge with the Euronext NV exchange. Nasdaq, having already bought about 29 percent of the LSE earlier this year, is appealing to shareholders. Nasdaq Chief Executive Officer Robert Greifield apparently believes the exchange needs the merger to compete. The merging of exchanges and the broader, growing numbers of mergers and acquisitions that IT companies are involved in are part of the same phenomenon, according to according to Eric Gebaide, managing director of Innovation Advisors, a New York investment firm. "It's a manifestation of the globalization of financial markets," Gebaide said. "That in turn is a precursor of the globalization of technology." When companies in Europe and Asia enjoy the same sort of availability of capital U.S. companies have, it can lead to greater competition for U.S. companies. However, U.S. companies can also take advantage of the new era of capital. For example, U.S. companies looking to efficiently use capital now have access to alternative local financing for offshore ventures, Gebaide notes. In the new global market, companies can even go public with offshore ventures, he suggests. The Nasdaq bid will probably play out into 2007. The offer to shareholders can be extended to 60 days, and the Nasdaq can still buy LSE shares on the open market. But no matter how it ends, the internationalization of capital markets will continue to have a profound impact.
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Online investing brought stock trading to the masses, but some investment options remain limited to the rich. Now an online services company offers customized portfolios for the rest of us. By Skip Kaltenheuser.
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Making money in a different world than Wall Street.
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Looser regulation abroad poses risks to American investors while leaving U.S. stock markets at a new competitive disadvantage.
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The New York Mercantile Exchange opened its first overseas trading floor in oil futures Monday in a direct challenge to its main London-based rival, the International Petroleum Exchange.
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The NASD and NYSE are to consolidate regulatory functions.
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When most investors think of full-service brokers, names such as Merrill Lynch (NYSE: MER), Goldman Sachs (NYSE: GS), and Morgan Stanley (NYSE: MWD) usually come to mind.
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Doing a jitterbug on the markets' floor.
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LONDON/NEW YORK  - A group of nine of the world's   biggest investment banks said on Tuesday they planned to set up   a new system for reporting share trades, bypassing the major   European stock exchanges and ahead of new European securities   regulations due to come into force later this year.