On August 18th, the New York Stock Exchange, NYSE Amex, and NYSE Arca each adopted new Rule 5320, replacing their current prohibitions against proprietary trading of listed securities ahead of or alongside of a, executable customer order in the same security, subject to exceptions such as trading ahead of or alongside of an institutional customer that provides express permission, and riskless principal transactions to facilitate the execution of customer orders. Each exchange's new Rule 5320 follows FINRA Rule 5320 (the "Manning Rule"), which generally prohibits a FINRA member holding a customer order for an equity security from trading that security on the same side of the market for its own account at a price that would satisfy the customer order, unless immediately thereafter it executes the customer order up to the size and at the same or better price at which it trades for its own account. Like the FINRA Rule, the new exchange rules permit proprietary trading on the same side of the market as an executable customer order in certain limited circumstances, such as when customer permits the member organization to trade alongside or ahead of its order and the order is for at least 10,000 shares with a value of at least $100,000, and orders from institutional accounts. Comments should be submitted on or before September 14, 2011.