July 19, 2006
This is another example of providing specialists with edges not available to the public. If algorithms are good (and they are) why not let all investors use them?
This concept, together with NYSE Rule proposal 2006-36, giving floor brokers unique order type advantages, are evidence the Commission is not acting within the terms of Section 11A of the Exchange Act. The Congress ordered a national market system, not a NYSE system.
This proposal should not be approved.