New York Stock Exchange Statement Regarding Rule 390
Date 05/05/2000
The NYSE is gratified by the SEC's approval of our proposal to rescind Rule 390. At the same time, we continue to believe the Commission's review of market fragmentation should lead to an industry-wide investor-protection initiative. This reform would protect investors in 100 percent of the issues, 100 percent of the time by requiring brokerage firms that "internalize" customer orders to provide a better price than the national best bid or offer, or to otherwise give the order an opportunity for price improvement in the public market. The NYSE welcomes competition that benefits investors. We remain steadfast in our commitment to providing the highest-quality market for investors, and we look forward to continuing our dialogue with the SEC and all market participants about this new initiative.
