• FINRA and the Exchanges Eliminate Stub Quotes
  • November 16, 2010 | Authors: Robert A. Boresta; Jeffrey H. Elkin; Edward J. Johnsen; Marvin J. Miller; David A. Sakowitz
  • Law Firms: Winston & Strawn LLP - Chicago Office ; Winston & Strawn LLP - New York Office ; Winston & Strawn LLP - Chicago Office ; Winston & Strawn LLP - New York Office
  • On Friday, November 5th, the Securities and Exchange Commission (the “SEC”) approved new rules proposed by each of the national securities exchanges and the Financial Industry Regulatory Authority (“FINRA”) to strengthen the minimum quoting standards for market makers and effectively prohibit “stub quotes” in the U.S. equity markets. The new rules will become effective on December 6, 2010.