21 November 2011


Justin Schack

Managing Director

Joe Gawronski

President and COO

Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

Inquiries to

NYSE's Retail Liquidity Program: A Primer

NYX’s NYSE and NYSE Amex exchanges recently proposed to the SEC a pilot program for executing retail order flow, which it calls the Retail Liquidity Program. We offered some initial thoughts on this move in our October Market Structure News Digest. That was before the official NYSE rule filing to the SEC. Having reviewed the filing, and after receiving many questions about the program from customers, we offer a quick primer below. Please contact us with any questions or if you wish to discuss further.

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