NATIONAL BANKS ASSETS The New York Stock Exchange (NYSE) has amended its exchange rules for 2019 to allow more ETFs to be traded.
The new rules were put in place to prevent stock exchanges from artificially inflating prices, according to a report by Bloomberg.
Under the old rules, ETFs could trade on the NYSE and Nasdaq as long as the price on their own exchanges did not exceed 10% of the underlying index.
This rule will allow the ETFs, which are now traded on Nasdaq, to be listed on the New York exchange, where they can be sold to hedge funds and other investors for up to $1.50 per share.
For now, ETF shares can only be traded on the Nasabox exchange, but the SEC says that it will review the new rules.
New ETF rules will allow ETFs to trade on NYSE and Nasdaq.
The new rule will let ETFs trade on Nasabex.
The NYSE has updated its exchange rule to allow for ETFs on Nasex.
(Bloomberg News)The rules are not a total victory for Nasdaq investors.
In the past, Nasdaq ETFs were allowed to trade on exchanges, but only on a limited basis.
Since the SEC adopted its new rules in 2019, Nasex ETFs can now trade on any exchange.
But it is unclear whether the SEC will allow more of these ETFs.
“I am very disappointed in the SEC,” Nasdaq CEO Jeff Smith said in a statement on Wednesday.
“I am confident in our ability to execute on our plan to provide an innovative and safe way for investors to access their assets.”
Shares of Nasdaq traded around $3.90 on Wednesday, which is well below the $7.65 they traded on Jan. 30.
On Tuesday, Nascom’s shares rose to a record high of $30.50, a record for the Nascom.
The stock closed Wednesday at $35.50.