Chicago And New York Stock Exchanges Duel Over CHX Match System

AUTOMATED TRADING

THE Chicago Stock Exchange (CHX) is preparing a response to a recent letter filed by the New York Stock Exchange with the Securities and Exchange Commission--a letter which claims that the CHX's proposed order-matching system is "inconsistent with the Securities Exchange Act of 1934." Among other things, the CHX disputes the NYSE's claim that the proposed Chicago Match system is a proprietary trading system, and as such is an attempt by the CHX to operate outside of the regulatory boundaries

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