Exclusive: Exchanges want delay in SEC's naked access ban

Reuters News
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Posted: Jun 22, 2011 3:56 PM
Exclusive: Exchanges want delay in SEC's naked access ban

NEW YORK (Reuters) - The four main U.S. exchanges asked their regulator to delay new rules that would ban so-called "naked access" to markets, where brokers rent their IDs to unlicensed high-speed trading firms, according to a letter obtained by Reuters.

NYSE Euronext, Nasdaq OMX Group, BATS Global Market and Direct Edge asked the Securities and Exchange Commission to delay the ban until November 30, according to the letter. The ban, agreed to shortly after last year's "flash crash," is to begin July 14.

(Reporting by Jonathan Spicer; Editing by Lisa Von Ahn)