文档介绍：New York Stock Exchange
Systems and Trading Procedures
Joel Hasbrouck *
e Sofianos **
Deborah Sosebee***
NYSE Working Paper #93-01
* Associate Professor of Finance,
Leonard N. Stern School of Business
New York University
44 West 4th Street, Suite 9-86
New York, NY 10012-1126
(212) 998 0310
** Director,
Research & Planning Division
New York Stock Exchange, Inc
11 Wall Street
New York, NY 10005
(212) 656 3257
*** Former Director,
Research & Planning Division
New York Stock Exchange, Inc
Draft April 27, 1993
Comments e
This paper is an expanded and updated version of NYSE Working Paper "Orders, Trades,
Reports and Quotes at the New York Stock Exchange." ments and opinions contained in
this paper are those of the authors and do not necessarily reflect those of the directors, members
or officers of the New York Stock Exchange, Inc. This paper does not constitute an official
statement and interpretation of Exchange rules and procedures and it has no legal standing.
Whenever possible, the paper provides citations to official sources.
Preface
This paper provides a selective description of New York Stock Exchange systems, trading rules and
procedures. The paper’s primary objective is to provide researchers with a detailed institutional
framework for studying quote and transaction data generated by . securities trading. It is also
meant to serve as a guide to the New York Stock Exchange system, for economics, business and
legal scholars needing a reference aid for their research. Among the topics examined are: order
entry and execution, trade and quote reporting, the audit trail, SuperDot, the Intermarket Trading
System, crossing orders and the upstairs positioning of large block trades. The paper provides
descriptions of New York Stock Exchange systems, rules and procedures that are constantly
changing, as they were at the beginning of 1993.
Contents
1. Introduction..............................................