The New York Stock Exchange has been given the all-clear by the Securities and Exchange Commission to begin operating its new LiquidityQuote market data service, overturning objections from Bloomberg which had delayed the original timetable.
NYSE LiquidityQuote (NYLQ) is a firm, two-sided, real-time quote that reflects market depth beyond the best bid or offer across the market as a whole. It was developed in the wake of decimalisation as a means to deliver executable quotes of substantial size to trading institutions.
Bloomberg had complained that Nyse restrictions on vendor dissemination of the data were anti-competitive. While the SEC acknowledged that it was troubled by Bloomberg's allegations, the regulator felt that they were insufficient to demonstrate irreparable harm to the vendor's business.
In its order lifting the temporary stay on NYLQ, the SEC suggests that Bloomberg and the Nyse look to alternative dispute resolution services to resolve their differences through bilateral negotiations.
The Exchange has set 13 June as the new date for publishing the first LiquidityQuotes in the 28 NYSE-listed component stocks of the Dow Jones Industrial Average.