Rule 104

On the New York Stock Exchange, a rule requiring designated market makers to trade on their own accounts to help ensure a fair and orderly market. The rule also outlines other rights and responsibilities for designated market makers; for example, they must help the NYSE remain sufficiently liquid to provide for fair quotes. Previously, Rule 104 mandated that designated market makers (then known as specialists) not trade on their own accounts, but this was amended in 2008 as part of a wider streamlining of NYSE rules.

Rule 104

A New York Stock Exchange rule that prohibits specialists from trading for their own accounts except when such trades are necessary to maintain a fair and orderly market.

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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References in periodicals archive ?

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They have charged Farrell under Rule 104 which states the club executive must be responsible for the safe-keeping of silverware at all times.

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Prior to the Supreme Court's decision in Joiner, defense counsel facing Daubert experts instinctively filed motions in limine challenging the admissibility of the testimony and seeking pre-trial evidentiary hearings under Federal Rule 104 or its state counterparts, typical of those conducted by Judge Jones in Hall v.

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The decision by the Management Committee, which is chaired by GAA president Joe McDonagh, was based on a misapplication of Rule 104 by the Leinster Council.