|
The NYSE is the world's leading and most technologically
advanced equities market. A broad spectrum of market
participants, including listed companies, individual
investors, institutional investors and member firms,
create the NYSE market. Buyers and sellers meet
directly in a fair, open and orderly market to access
the best possible price through the interplay of
supply and demand. On an average day, 1.46 billion
shares, valued at $46.1 billion, trade on the NYSE.
In 2004, the NYSE was again the most competitive
venue for trading its listed stocks, providing investors
with the lowest costs, deepest liquidity and best
prices...
NYSE Information Memo 03-07
As part of the NYSE’s continuing effort to
facilitate a paperless trading environment on the
Exchange Floor, electronic logs that capture order
and execution data will satisfy NYSE and Securities
Exchange Act of 1934 (SEA) record keeping requirements
provided that these logs contain all the data elements
required by relevant NYSE and SEA rules (see NYSE
Rules 440, 123(e), 132(b).30, and SEA Rules 17a-3
and 17a-4). The electronic logs must include the
following data elements for each order received
and the related execution report...
How
Regulation Works
NYSE Regulation ensures all members, member firms
and listed companies play by the rules. It oversees
the actions of 130 specialist firms, floor brokerages
and registered traders that do not interact directly
with investors, as well as some 250 member firms
that do work directly with investors. Meanwhile,
the 2,800 companies listed on the NYSE are required
to meet high standards of financial and corporate
accountability and transparency...
Enforcement
The Enforcement division investigates and prosecutes
violations of NYSE rules and federal securities
laws. Many cases originate from referrals from the
Market Surveillance and Member Firm Regulation divisions.
For example, in the last five years, nearly 150
cases were jointly developed by Market Surveillance
and Enforcement. Hearings on cases brought against
NYSE members, member firms and their employees are
conducted before an NYSE Hearing Panel, which operates
much like a court.Witnesses testify under oath and
are subject to cross-examination...
|
|
|
