- Proposed New Order Type Is Immediately Effective.
On December 18th, the SEC granted immediate effectiveness to NYSE Arca's proposed amendment of Rule 7.31 to establish the "Market to Limit" order type. A Market to Limit order is an un-priced order that, upon receipt by the NYSE Arca matching engine, is immediately assigned a limit price equal to the contra National Best Bid Offer ("NBBO") price. If there is no contra NBBO at the time of entry, the order will be rejected. The order also will be rejected if the market is closed, the symbol is closed or halted, or the order is received outside of the NYSE Arca Core Trading Session. Comments should be submitted on or before January 19, 2010. SEC Release No. 34-61206.