SIFMA Submits Comments Opposing the NYSE's Proposed "Midday Auction"

SIFMA submitted comments to the SEC opposing a proposal by the New York Stock Exchange (SR-NYSE-2015-06) for midday auctions.

Under the proposal, NYSE would establish a daily "Midday Auction" in a subset of NYSE-listed securities that: (i) have a consolidated average daily trading volume of 1,000,000 shares or less, and (ii) have been designated by the NYSE as "Midday Auction Stocks". SIFMA stated that while it supports efforts to improve the trading quality in lower volume securities, it believes that when such efforts "deviate significantly from established rules," such initiatives must be addressed by the SEC market-wide, rather than via rulemaking that is designed to benefit only one market participant.

See: SIFMA Comment Letter; SIFMA Comment Announcement.