In his testimony, Ed Nicoll will encourage the members of the House Subcommittee to support regulatory changes that allow electronic markets to compete on a level playing field with manual, floor based markets such as the NYSE. Excerpts from his testimony include:
- "The debate about regulatory reform is really a debate about
whether one market structure fits all or whether investors
should be free to choose how and where they trade."
- "I challenge the NYSE to make its trading data, and in
particular all specialist trading activity, publicly
available. We owe investors an open and honest look at the
numbers -- not just simple assurances that 'All is well'."
- "If the NYSE truly wants to offer an automated execution
system that competes with ECNs, I challenge the NYSE to make
two additional changes:
- Immediately display all limit orders received electronically -- no delays, no human intervention, and no exceptions.
- Immediately execute all matching orders received electronically - no delays, no human intervention, and no exceptions."
- Immediately display all limit orders received electronically -- no delays, no human intervention, and no exceptions.
- "Certainly, if the NYSE is stirred to propose these changes (to its Direct+ system) to simply stave off the threat of competition, actual competition will produce even greater benefits for investors."
To download the testimony, please access the following link: www.instinetgroup.com/housetestimony
About Instinet
Instinet, through affiliates, is the largest global electronic agency securities broker and has been providing investors with electronic trading solutions for more than 30 years. Our services enable buyers and sellers worldwide to trade securities directly and anonymously with each other, have the opportunity to gain price improvement for their trades and lower their overall trading costs.
Through our electronic platforms, our customers also can access over 40 securities markets throughout the world, including NASDAQ, the NYSE and stock exchanges in Frankfurt, Hong Kong, London, Paris, Sydney, Tokyo, Toronto and Zurich. We also provide our customers with access to research generated by us and by third parties, as well as various informational and decision-making tools. We act solely as an agent for our customers and do not trade securities for our own account or maintain inventories of securities for sale. Inet ATS, Inc. (INET), and Instinet, LLC (Instinet, the Institutional Broker), are subsidiaries of Instinet Group Incorporated (NASDAQ: INGP), part of the Reuters family of companies. Instinet is part of the Reuters family of companies.
