NYSE Euronext, owner of the largest U.S. equities exchange, sought to mute opposition to its quest for regulatory curbs on so-called dark-pool trading by offering to lower its fees it charges to execute trades.
The botched initial offering of Facebook Inc. is the catalyst that should lead to U.S. exchanges being stripped of self-regulatory powers and their related benefits, a Credit Suisse Group AG executive said.
U.S. exchanges and some brokers will be required for the first time to conduct coordinated trading tests to show they can recover from natural disasters or terrorist acts, according to a rule proposed by regulators.
Credit Suisse Securities, the broker that runs the world’s largest equities dark pool, will begin operating a stock market by the end of March, according to Dan Mathisson , head of the firm’s electronic trading unit.
NYSE Euronext and Nasdaq OMX Group Inc., their share of American equity markets squeezed by venues that sprang up in the mid-2000s, told legislators today that too much trading occurs in dark pools, hurting investors.
NYSE Euronext, owner of the largest U.S. equities exchange, is considering ways to improve its plan for dealing with disasters and said exchanges should consider mandatory testing after Hurricane Sandy caused the longest weather shutdown since 1888.
Rules governing the obligations of market makers on U.S. equity exchanges and how stock quotes are handled are among issues likely to be reviewed in a hearing today before the House Committee on Financial Services.