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.