NYSE Eyes VWAP
OMS SPECIAL REPORT
In a memo recently sent out by Robert Marchman, executive vice president of market surveillance with the exchange, to the trading desks and compliance directors of NYSE member firms, Marchman reminded them that members have the obligation to execute customer VWAP orders "in a manner that does not compromise the customer's interest."
Specifically, Marchman warned that the exchange deemed it "inconsistent with just and equitable principles of trade" for members to use knowledge of a VWAP order to
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