The Securities Industry Association said it supports efforts by the New York Stock Exchange to enhance its Direct+ Trading Facility and thereby provide more execution choices to investors, but noted that the proposal is “incomplete” and lacks “important details and concrete examples of how the system will operate.” In its comment letter to the Securities and Exchange Commission, SIA said that the hybrid market proposal “is difficult to evaluate … without more information.” Only after additional information has been provided, the letter said, can SIA evaluate the proposal to see if it “contributes to fair and orderly markets, fosters competition among markets, and protects investors.”
The letter http://www.sia.com/2004_comment_letters/3014.pdf
