NYSE Proposes 350-Microsecond Speed Bump for NYSE American
Exchange previously known as NYSE MKT will implement feature it once fought against.
The delay, which, along with the name change, is pending regulatory approval, is similar to the speed bump that already exists at IEX Group. NYSE opposed IEX's application to register as a national securities exchange, which received approval last June.
"As we and others have argued, IEX's proposed systematic, patent-pending delay in accessing its displayed quotation is inconsistent with Regulation NMS and provides its affiliated routing broker, which is not subject to this delay, an unfair advantage. If the Commission were to approve IEX's exchange registration with its delay attribute, it would be providing a benefit to IEX and its shareholders not enjoyed by other exchanges," said Elizabeth King, general counsel to NYSE, in a comment letter regarding IEX's application filed with the SEC last February.
NYSE isn't the only exchange operator to implement a delay following IEX's approval. Nasdaq, also a vocal opponent of IEX, and the Chicago Stock Exchange have both proposed delayed order types in recent months.
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