Search Results for keywords:"Designated Market Makers"

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Search Results: keywords:"Designated Market Makers"

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2020-29131 — Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Add Commentary .07 to Rule 7.35A To Provide That, for a Temporary Period, the Exchange Will Permit DMMs Limited-Entry to the Trading Floor or Remote Access to Floor-Based System for Certain Auctions
January 05, 2021
Type:Notice
Citation:86 FR 335
Reading Time:about 15 minutes
The New York Stock Exchange (NYSE) filed a temporary rule change with the Securities and Exchange Commission (SEC) to accommodate Designated Market Makers (DMMs) due to COVID-19 restrictions. The change allows DMMs limited access to the trading floor or remote access to NYSE systems until either the trading floor fully reopens or April 30, 2021. This adjustment is meant to support efficient trading during significant pricing events like a corporate action or a Direct Listing Auction, ensuring fair and orderly markets despite the temporary closure of the physical trading floor. These measures are intended to maintain transparency and allow issuers to continue listing via Direct Listings while operations are remote.
Simple Explanation
The New York Stock Exchange is letting special traders called Designated Market Makers do their work from home or have a little bit of time on the trading floor because of COVID-19. This change is temporary, just to make sure everything runs smoothly until things get back to normal or until the end of April 2021.
2021-03338 — Self-Regulatory Organizations; New York Stock Exchange LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend Rules 7.35 and 7.35A
February 19, 2021
Type:Notice
Citation:86 FR 10386
Reading Time:about 9 minutes
The Securities and Exchange Commission (SEC) is reviewing a proposed rule change from the New York Stock Exchange (NYSE) regarding amendments to Rules 7.35 and 7.35A. The proposed amendments involve sharing Auction Imbalance Information for securities undergoing Initial Public Offerings (IPOs) or Direct Listings before their respective auctions occur. Additionally, the changes address how Designated Market Makers (DMMs) can consult with underwriters or financial advisors. The SEC seeks public feedback on various aspects of these proposals to ensure they comply with legal standards promoting fair and transparent market practices.
Simple Explanation
The SEC is looking at changes that NYSE wants to make about how information is shared when a company first sells its stock to the public. They want to know what people think to make sure the rules are fair and clear.

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