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Electronic Trading Newsflashes: SEC Delays Sub-Penny Rule Until January 2006, and more

SEC Delays Sub-Penny Rule Until January 2006, Schonfeld Group Acquires Trinix Securities, Advent's Moxy Connects to Reuters' Order Routing Network, BNY Brokerage Integrates With Pipeline ATS

SEC Delays Sub-Penny Rule Until January 2006

The Securities and Exchange Commission (SEC) extended the compliance date for the Sub-Penny Rule under Regulation NMS (Reg NMS) until Jan. 31, 2006. The previous compliance date -- Aug. 29, 2005 -- is less than one month away, the SEC noted in a release announcing the change.

The SEC said an extension of the compliance data will provide market participants with additional time to address issues related to compliance with Rule 612, make necessary systems changes and resolve implementation issues. Firms also will have time to "ascertain what systems and other changes are necessary to comply with the rule, and develop, implement and test those changes," the SEC release noted.

The Sub-Penny Rule restricts the number of decimal places to two or four places depending on the quote of the NMS stock, according UNX, an institutional agency broker that notified clients of the market-structure change. UNX also noted that the Sub-Penny Rule was the least controversial of the four primary rulings under Reg NMS.

Schonfeld Group Acquires Trinix Securities

Schonfeld Group, a leading proprietary and retail trading and investment firm, has acquired the assets of Trinix Securities, a broker-dealer and technology company, according to Tuesday's announcement.

Schonfeld said the acquisition is part of a strategy to increase its penetration of the online retail and black-box trading businesses. Terms of the agreement were not disclosed.

The acquisition allows Schonfeld Group to utilize Trinix's T-REX technology as the underpinnings of an Internet-based order-entry system for traders that want to trade remotely. Schonfeld acquired Trinix's retail customers, a group that trades five million shares per day online. Schonfeld currently trades about 150 million shares per day or 2 percent to 4 percent of all NYSE-listed and over-the-counter volume.

Schonfeld noted its exploring distance learning as a training tool for traders interested in its online service.

Advent's Moxy Connects to Reuters' Order Routing Network

Advent Software's Moxy trade order management system has been certified for FIX (Financial Information Exchange) connectivity with Reuters Order Routing for Equities, the global information provider announced Tuesday.

This will bring Moxy's 700 global clients access to Reuters global network of over 200 brokers, thereby enhancing the liquidity pools for Reuters' order routing network, the company said.

Moxy uses FIX technology to send and receive electronic messages via Reuters Order Routing to and from executing brokers, electronic communications networks and other pools of liquidity.

BNY Brokerage Integrates with Pipeline ATS

BNY Brokerage now integrates the Pipeline Alternative Trading System for trading large blocks of stock in an anonymous and leak-proof manner into its DEx electronic trading platform, the subsidiary of The Bank of New York announced Monday.

DEx users can access Pipeline directly through SonicPort, a front-end execution management system that provides direct-market access for both listed and over-the-counter equities. Pipeline also has been incorporated into BNY Brokerage's broker-assisted platform as an additional source of liquidity.

"We're not merely routing to Pipeline via FIX, but have tightly integrated Pipeline's Block Board into SonicPort," stated Carey Pack, president of BNY Brokerage, in the release.

BNY Brokerage says the integration of Pipeline complements a series of enhancements to SonicPort including automated access to BNY's trading algorithms, direct order routing to its NYSE floor brokers, direct access to BNY's block trading desk and integration with all major buy-side order-management systems. In addition, SonicPort has been upgraded to provide users with access to NYSE OpenBook as well as market imbalance information.

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