Like NYSE(R) Rule 390 that "imprisoned investor trade execution on the floor of NYSE" and NYSE Rule 500 that "imprisoned issuer listings on the floor of the NYSE", both repealed under pressure, Putnam asserted that current NYSE anti-competitive barriers still exist today, protected by the Inter-Market Trading System (ITS) Plan, its trade through rule and governing administrative policy.
Noting the hypocrisy of this move Putnam pointed out Nasdaq's vehement opposition to NYSE's Rule 500 prior to its abolition and Nasdaq's recent efforts to court dual listing.
today filed a petition for rulemaking to repeal Rule 500 of the New York Stock Exchange (NYSE).
When the Commission approved the present version of Rule 500 in July 1999, over opposition by NASDAQ and other markets, it did agree with the protesting markets that the Rule, even as revised, impedes issuers in selecting the marketplace best suited to their needs, and questioned whether the Rule was justified by a need to protect investors.
Investors and companies would be better served if Rule 500
and other similar barriers on exchanges were 100 percent eliminated.
Among other things, Rule 500
requires a two-thirds vote of the shareholders to "de-list" from the NYSE.
00 (reckless and unbusinesslike dealing), Rule 500