NYSE Adoption of FINRA Version of Manning Rule (Adopting Release); SEC Release No. 34-65164; SR-NYSE-2011-43

SEC Release No. 34-65164; SR-NYSE-2011-43

August 18, 2011

The SEC declared immediately effective an NYSE proposal to delete NYSE Rule 92, which limits trading ahead of customer orders and to adopt NYSE Rule 5320, which is substantially the same as FINRA Rule 5320. Rule 5320 generally prohibits trading ahead of customer orders, subject to certain exceptions such as for large orders and institutional accounts, riskless principal trades, odd lot and bona fide error transactions, and others.

For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie; Jeffrey L. Robins; Glen P. Barrentine.

Cross References: NYSE Rule 92, FINRA Rule 5320, SEC Release No. 34-63895 (Approving FINRA 5320)