NYSE proposes modernizing rules

NYSE Euronext Inc. today filed with the Securities and Exchange Commission a package of proposed new rules and amendments meant to allow the venerable institution to become more competitive and efficient. In two separate proposals — 271 and 102 pages in length respectively — the exchange laid out numerous and far-reaching modifications that range from changes in technical nomenclature (exchange “specialists” will now be denoted as “designated market makers” or “DMMs”) to technology improvements for floor brokers such as providing them the ability to electronically broadcast a stock symbol they are interested in but with no further information attached (and thus not broadcasting any additional information that might give away competitive advantages to other brokers). Pending SEC approval, the new rules should be implemented beginning in August. For the specifics of the filings, here are links to them in pdf format: SR-2008-46 and SR-2008-45. For a bit more approachable summarization visit Ray Pellecchia’s post at the official NYSE Euronext blog.