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Abstract
New NYSE rules allow investors direct access to the floor to execute their trades through independent brokers. There are many advantages for the institutional investor, most notably lower overall total transaction costs. For most investors, obtaining liquidity at a reasonable price and completing trades on a timely basis has greater value than the commission itself. The independent broker can provide personalized access to hidden sources of liquidity, which are not visible on the specialists' books, and do so with anonymity.
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Direct Access to the Floor of the NYSE
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