The U.S. Securities and Exchange Commission said it needs more time to decide whether to allow a plan by the New York Stock Exchange to offer a new high-speed wireless connection to the exchange that some brokers have blasted as anti-competitive.
An SEC decision had been expected by Friday, but the regulator moved the deadline to May 18 after it received at least six letters objecting to the proposal, according to an April 1 filing.In a market where microseconds separate winners and losers, the new microwave service would arguably be the fastest way to access the Mahwah, New Jersey, data center, owned by NYSE parent Intercontinental Exchange Inc , where the exchange's electronic trades are executed.
But several market-making firms, which rely on speedy market access to post bid and offer prices for others to trade against, said the NYSE's plan was unfair because it gives exclusive use of the pole to an affiliate of ICE. "Unfortunately, it is a self-described exclusive access point with limited availability, thereby threatening to leave participants on the outside looking in or using a slower entrance," said IMC, a minority investor in rival wireless data provider McKay Brothers LLC.
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