Regulacje i polityka gospodarcza · 15.12.1999

Unlisted Trading Privileges

The Securities and Exchange Commission is proposing a change to Rule 12f-2 under the Securities Exchange Act of 1934, which governs unlisted trading privileges (``UTP'') in listed initial public offerings (``IPOs''). Under the proposed rule change, a national securities exchange extending UTP privileges to an IPO security listed on another exchange would no longer be required to wait until the day after trading has commenced on the listing exchange to allow trading in that security. Instead, a national securities exchange would be permitted to begin trading in an IPO issue pursuant to UTP immediately after the first trade in the security is reported by the listing exchange to the Consolidated Tape.