The electronic trading platform of New York Stock Exchange, Arca, has brought in improved limit order price checks, Index Universe reports. The price checks will help prevent incorrect order executions by stopping limit orders that are priced too far from the national best bid (NBB) or national best offer (NBO).
The price checks, which will differ depending on the price of the securities, will be effective from July 18, 2011. Limit orders that exceed the given thresholds will be rejected and sent back to customers.
Click here for the story from Index Universe.
