Hybrid Markets: A Migration to the Screen

摘要

The NYSE and other exchanges are planning to transform themselves into hybrid markets in response to Reg NMS. But is this a permanent move or a temporary step that will eventually evolve into screen-based trading? With market regulation in flux, all eyes are on the New York Stock Exchange as it awaits approval from the U.S. Securities and Exchange Commission for its hybrid-market proposal. This proposal is a bold plan to overhaul the NYSE's traditional floor-based auction-model with a turbo-charged automated trading system.