SIFMA Supports NYSE/Nasdaq Framework for Closing Auctions

SIFMA released a public statement in support of the framework announced by NYSE and Nasdaq to enhance the resiliency of the closing auction process for U.S. equities, and commended NYSE and Nasdaq for collaborating with each other in developing "a framework designed to benefit the entire market." The plan would be implemented in situations where one of the exchanges is having an outage for technological or other reasons, as was the case in the recent NYSE outage. Moving forward, SIFMA urged the exchanges to work directly with SIFMA in developing the details of the proposal.

See: SIFMA Statement on the NYSE and Nasdaq Framework to Enhance Resiliency of the Closing Auction Process.See generally: NYSE Halts Trade due to Technical Issues (with Lofchie Comment) (July 8, 2015).