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NYSE Plan To Expand Electronic Trading Is Answer To Rivals, SEC, Big Investors Still A Place For Specialists Regulatory OK is needed for automatic execution of orders to be changed.(A)

Investor's Business Daily

| August 03, 2004 | COPYRIGHT 2004 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: KEN HOOVER

With regulators and institutional traders pushing for change and its market share dropping, the NYSE proposed changes Monday that could boost electronic trading in listed stocks.

New York Stock Exchange CEO John Thain said the new trading rules would create a hybrid market.

They aim to combine the speed, certainty and anonymity of an electronic marketplace with the stability of the exchange's traditional auction-based floor trading.

The changes center on the exchange's Direct Plus automatic execution service created in April 2001. The service allows automatic execution on limit orders up to 1,099 shares.

Though it's not meant for institutional traders, Direct Plus accounts for 10.1% of volume in NYSE stocks.

Proposed rule changes submitted Monday to the Securities and Exchange Commission would:

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