THE DEFINITIVE SOUR CE FOR TR ADING NE WS
VOL XLV ISSUE 19 13 - 19 JUNE 2013 www.wallstreetletter.com
IN THIS ISSUE News People moves 04 Focus Fee chart 10
MORE NEWS INSIDE
TOP STORY
Buyside, sellside hunting for trusted counterparties
The buyside and sellside are becoming increasingly wary of each other TURN TO PAGE 05
Industry supports return of NYSE LRPs
BY JEANENE TIMBERLAKE
Linedata launching client awareness campaign
The campaign will communicate the asset class coverage and functionality the company’s platforms offer TURN TO PAGE 06
SIMCORP engaging clients on swaps clearing
David Kubersky said the vendor is pursuing this outreach “very aggressively” TURN TO PAGE 08
Brokerage firms are backing a proposal from the New York Stock Exchange to reinstate its liquidity replenishment points (LRPs), according to comments filed with the Securities and Exchange Commission. The comments follow unexpected volatility in certain large-cap stocks that has occurred since the introduction of the limit-up/limit-down (LU/LD) for equities earlier this year. NYSE said it would eliminate the LRP program starting in April for stocks using a phase-
out process that would mirror the rollout of LU/LD. Starting April 8, LRPs were no longer in effect for Tier 1 NMS stocks, but because LU/LD is only in effect from 9:45 am to 3:30 pm in the first phase of the program, these stocks are uncovered by either one of the programs for 45 minutes of the trading day. The exchange proposed May 31 to bring LRPs back for the portion of the trading day that stocks are not covered by LU/ LD until the second phase of the plan is in effect, which TURN will apply LU/LD to all TO PAGE stocks across the entire trading day. 03
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