New Name & ‘Speed Bump’ for the NYSE Mkt
This week, the SEC announced that it will amend its rules to allow NYSE to implement a “speed bump” on its NYSE MKT exchange.
A subsidiary of NYSE, the MKT exchange specializes in small and micorcap stocks. As part of the introduction of the speed bump, it will be re-branded as NYSE American and will now trade all National Market System (NMS) stocks, as opposed to only the around 370 small cap stocks currently.
With its heritage as the American Stock Exchange, NYSE MKT will be known as NYSE American, following regulatory approval.
NYSE Mkt is the second U.S. exchange to include an artificial delay. Rival IEX Group, made famous by Michael Lewis’s 2014 book Flash Boys, pioneered the speed bump as a way to foil high-frequency traders.
See the full SEC statement HERE.