NYSE SEES NO PROBLEM ON RULE 390 INTERPRETATION
The New York Stock Exchange sought to
defuse a trans-Atlantic flap over whether member firms can
trade stocks on London's electronic dealing system during New
York trading hours.
    "I don't know what the hub-bub is about," said Richard
Torrenzano, NYSE spokesman. Some member firms had said they
were worried that a strict interpretation of NYSE rule 390
curtail trading when London closes its trading floor next year
and all trading is done via electronic systems.
    "If the British Parliament calls it a stock exchange,
that's good enough for us," Torrenzano said.
    Torrenzano did not see any conflict with rule 390 if
members wanted to trade in London. The rule, in effect since
the mid 1970's, says in part, "During NYSE trading hours a
member, a member organization or affiliated person may trade as
principal or agent in any listed stock on any organized
exchange of which they are a member, in any foreign country at
any time."
    "The rule has not been changed, there is nothing new here,"
he said.
 Reuter
