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Exchanges Ask SEC To Defer Direct Access Ban

U.S stock exchanges have urged the Securities and Exchange Commission to postpone a rule which will stop direct access to the markets by traders.

    U.S stock exchanges have urged theSecurities and Exchange Commission(SEC) topostpone a rule which will stop direct access to the markets by traders,金融时报》reports.NYSE Euronext,Nasdaq OMX,BATS Global MarketsandDirect Edgehave asked SEC to delay the naked access ban until Nov. 30, 2011, addsReuters.

    The rule is mainly related to the exchanges’ internal broker-dealer subsidiaries that route trades to other markets. The exchanges have listed about 35 questions, related to the way broker dealers would perform the risk checks required by the rule to get a clear interpretation of the plan.

    Click here for the story from金融时报》.

    Click here for the additional coverage fromReuters.

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