NYSE to Discontinue Block Trading through NYBX Platform

Boston, MA 02/10/2013 (wallstreetpr) – The New York Stock Exchange, has decided to shut down trading at the New York Block Exchange due to insufficient interest, it told regulators.

The NYBX, will be closed from Feburary 28th according to a regulatory filing it made before the US Securities & Exchange Commission, on February 5th . The block services were launched in January 2009. Under this service the exchange allows privately placed orders to NYBX to be traded on the Big Board.

The NYBX has been operated by the New York Stock Exchange, under a joint venture with a consortium of consisting of twelve broker-dealers. The alliance is called Bids Holdings LP. A regulatory filing made this month by the NYSE Euronext (NYSE:NYX), also revealed that while both the groups jointly own majority stake in the NYBX.

An NYSE subsidiary holds less than 10% of the limited-partnership’s interest in NYSB according to a NYSE filing submitted in November.

In the February filing the exchange asserts it is “ceasing operations” of NYBX trading facility because even after many years of operations, the block trading service failed to garner “enough volume to achieve critical mass”and lacked “strong support customers”.

The Block trades usually ranges up to 10,000 shares per transaction.

The alternative trading system of Bids (also called the dark pool) is not related to NYBX. According to Rosenblatt Securities Inc’s estimate, 28.6 million shares were traded during December.

The shares of NYSE Euronext (NYSE:NYX) were up by 0.28% to close at $36.24.

For consideration of being featured on WallstreetPR, contact: Editor@Wallstreetpr.com

Please make sure to read and completely understand our disclaimer at https://www.wallstreetpr.com/disclaimer. FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. Any content posted on our website is for educational and informational purposes only and should NOT be construed as a securities-related offer or solicitation, or be relied upon as personalized investment advice. WallStreetPR strongly recommends you consult a licensed or registered professional before making any investment decision. Neither WallStreetPR.com nor any of its owners or employees is registered as a securities broker-dealer, broker, investment advisor (IA), or IA representative with the U.S. Securities and Exchange Commission, any state securities regulatory authority, or any self-regulatory organization. WallStreetPR often gets compensated for advertisement services that are disclosed on our disclaimer located at WallStreetPR.com/Disclaimer.

Published by Fiona Gibson

Fiona is a finance graduate and an expert in analyzing market trends.