On Thursday, NYSE Euronext received approval from the U.S. Securities and Exchange Commission (SEC) to establish what is billed as a “first-of-its-kind” retail liquidity program that allows the sub-penny pricing of stocks for individual investors.
The program, approved for a one-year pilot, is expected to launch on Aug. 1. It gives retail investors a pricing advantage previously enjoyed only by the privately facilitated “dark pool” block trading used by institutions like hedge funds and pension funds.
