NYSE ‘Collar’ on Program Trading to End on Oct. 19
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NEW YORK — The New York Stock Exchange said Monday that its “collar” restraint on computerized program trading will end on the anniversary of the Oct. 19 crash.
The collar is to be replaced by previously announced measures designed to quell price volatility and restore investor confidence.
Donald J. Solodar, senior vice president of the nation’s largest securities market, mentioned the termination date at a briefing at the exchange’s Wall Street headquarters.
NYSE officials said the date was a coincidence because the Securities and Exchange Commission, which must approve such measures, gave the collar a six-month experimental approval on April 20.
The briefing was aimed at reviewing the exchange’s efforts to expand computer capacity and undertake other reforms in the year since the market panic, which obliterated an unprecedented 508 points from the Dow Jones industrial average and has continued to haunt the nation’s securities industry.
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