In comments filed with the SEC yesterday, the Investment Company Institute (ICI)noted that the New York Stock Exchange’s proposed rule change to create a hybrid market was “an important step in implementing much needed automation on the Exchange” but encouraged further examination of ways to provide for the increased automatic execution of orders as well as the ability of investors to efficiently interact with those orders.
Given the complexity and importance of the hybrid proposal, not only to the future operation of the NYSE, but also to the interaction of the Exchange with other market centers, the Institute also recommended that the NYSE “supplement the filing with explanatory material to clarify how the hybrid market structure would operate” and that the SEC provide market participants an additional opportunity to further comment on the proposal prior to any final decision.