To The Dismay of NYSE Et Al., SEC Deems Instinet Et Al. Broker/Dealers, Not Exchanges

AUTOMATED TRADING

REUTERS' Instinet Corp. and Investment Technology Group Inc.'s Posit, along with other electronic trading systems, won a victory with the passage of the Securities and Exchange Commission's rule 17A-23, officially regulating the systems as the broker/dealers they have long claimed to be. Proposed last February and adopted in December, the new rule, which was strongly opposed by the New York Stock Exchange and the National Association of Securities Dealers, is due to become effective June 1.

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