Wall Street Letter Volume XLV Issue 17 | Page 3

NEWS 23 – 29 MAY 2013 EXCHANGES & ATSs BX to allow more order modifications Published by Pageant Media London Thavies Inn House London EC1N 2HA T [phone] F [phone] EDITORIAL Jeanene Timberlake Managing editor [phone] [email protected] Ryan Gorman Reporter [phone] [email protected] Gwyn Roberts Group head of content [phone] [email protected] Indira Peters-DiDio Data manager [phone] [email protected] PRODUCTION Claudia Honerjager Head of production c.honerjager@ pageantmedia.com New York 240 W 37th St. Suite 302, NY 10018 T [phone] F [phone] Luke Tuchscherer Sub-editor COMMERCIAL Lucy Guest Group commercial manager [phone] [email protected] Emily-Jane Stapleton Content sales manager [phone] [email protected] EVENTS Beth Hall Head of events [phone] [email protected] DISTRIBUTION Fay Muddle Circulation manager [phone] [email protected] PAGEANT MEDIA Charlie Kerr Chief executive Printed by The Manson Group Traders on Nasdaq OMX BX will soon be able to make a few more modifications to their orders without fearing loss of priority, according to a proposal the exchange submitted to the Securities and Exchange Commission. Specifically, sell order markings can be altered to reflect a change in a long or short strategy without risking the order’s spot on the order book, BX said. The markings of long, short or short exempt may need modification due to a change in holdings by the trader, a change that is currently only possible via cancellation, BX noted. The change will now allow the modification because it has “no bearing on the timing of the entry onto the book vis-à-vis other orders at the same price,” the exchange said. The exception to the rule would be if the order is changed to a short sale order and the stock is in a short sale period and would need to be repriced to meet pricing requirements. In that situation, BX said it would cancel the order instead of repricing. BX will also add to its rules to specify that the orders that are cancelled in part will also not lose priority. It noted the change makes sense “because the participant that entered the order continues to express its willingness to trade at the price entered when the order first came onto the book.” DATA ITG TCA boost responds to client demand ITG is responding to client demand and internal discussion on providing transparency into intra-day trading with the enhancement of its real-time transaction cost analysis offering, according to Scott Kurland, director and head of platform solutions. to find external financing to comply with supplemental obligations or pay into the credit facility, though it added the proposal isn’t clear as to whether alternative forms of financing would be accepted for credit facility participation. In another letter, Charles Schwab complained NSCC’s proposal is light on details as to how it will calculate the supplemental liquidity obligation making it difficult for members to prepare for additional cash requirements or make changes to activity to reduce requirements. “The SLDR will be a potentially disruptive source of uncertainty and an impediment to business and financial planning by ???????????????????????????????t????????M???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????((??((??() =9Q%9U???()M?????????????M??????M???????()%MM8??????????? ??????A??????5?????1?????????????????? =AeI%!P?9=Q% ??9??????????????????????????????????????????????????????????????????????????????????A??????5?????e?????????????????? ?????????????????????????????????????????????? ???????1?????UM???????????Y?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????e?????()Q???????)?????????????????????????)]10?MQIP?1QQH((??????()Q???????????????????????????????????????????????????????U?????????????????????????????????????????????????????????????????()?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????%?????q5???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????9M ??t?%Q?????????????????????????????? ????????????????????????????????????????????????????????????9M ????????????????Q?????????????????????????????????????????((0