NYSE OpenBook Ultra and NYSE Order Imbalance Information

SIFMA provides comments to the Securities and Exchange Commission (SEC) on the NYSE OpenBook Ultra (Ultra) and the NYSE Order Imbalance Information (Order Imbalance), SR-NYSE-2008-41 and SR-NYSE-2008-42.  Ultra would update New York Stock Exchange depth-of-book data on an order-by-order basis, and Order Imbalance would provide a data feed of real-time order imbalances that accumulate before the opening of trading on the NYSE and before the close of trading on the NYSE. SIFMA believes these rule filings raise legal, policy, and competition issues that should have been exposed to public comment and thorough Commission analysis before these rules became effective; despite the NYSE filing of the two new products as

“noncontroversial” pursuant to Rule 19b-4(f)(6) under the Securities Exchange Act of 1934.