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2008
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Specialists are Transformed into Designated Market Makers (DMMs)
October 24
The SEC approves the next-generation market model filed by the NYSE, under which DMMs have accountability for providing liquidity, better access to capital and risk-management capabilities, and are on an even playing field with other market participants in terms of trading parity and access to information. DMMs also have the obligation to maintain an orderly market in their stocks, quote at the national best bid or offer a specified percentage of the time, and facilitate price discovery at the open, close and in periods of significant imbalances. In addition, a new class of upstairs, electronic, high-volume members known as Supplemental Liquidity Providers (SLPs) is created, with incentives to add liquidity on the NYSE.
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| Technology |
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2004
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NYSE Files to Expand Automatic Trading
August 02
On August 2, the NYSE files to expand the NYSE Direct+® system. If approved by regulators, limits will be eliminated on the size, timing, and types of orders that can be submitted via Direct+, significantly increasing the level of purely electronic trading at the NYSE.
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| Events |
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2008
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NYSE Euronext Acquires American Stock Exchange
October 01
NYSE Euronext acquires the American Stock Exchange(R), becoming the third-largest U.S. options marketplace and enhancing the company’s leadership in ETFs, cash equities, closed-end funds and structured products. More than 500 Amex-listed companies join NYSE Euronext, adding to it a U.S. platform for small-cap companies and building on the company’s leadership position in global listings.
 Learn more about the American Stock Exchange’s long and colorful history. (pdf)
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| Regulation |
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2007
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FINRA Created through Consolidation of NYSE Regulation and NASD
July
NYSE member firm regulatory functions, including related enforcement activities, risk assessment and the arbitration service, merge with the National Association of Securities Dealers (NASD) to form the Financial Industry Regulatory Authority (FINRA). The NYSE retains independent regulation functions governing the NYSE trading floor, listed companies, rule development, and market surveillance.
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