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.