NYSE Said to Plan Rule Change for Voiding U.S. Options OrdersSam Mamudi
NYSE Euronext has submitted a rule filing to the U.S. Securities and Exchange Commission that modifies its guidelines for dealing with erroneous trades in the U.S. options market, according to a person familiar with the matter.
The proposal is part of an attempt to harmonize rules among the nation’s options markets, said the person briefed on the matter, who asked to not be named because the document is confidential. Rich Adamonis, a spokesman for New York-based NYSE Euronext, declined to comment.
When Goldman Sachs Group Inc. sent mistaken trades to U.S. options markets on Aug. 20, rules for canceling or upholding the transactions differed among exchanges. In a Sept. 12 meeting, SEC Chairman Mary Jo White told exchange owners to develop uniform guidelines for options order cancellations. The change NYSE Euronext is now proposing has been under consideration for months, according to the person familiar with the matter.
The Financial Times reported NYSE Euronext’s proposal earlier.