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NYSE accused of letting Morgan Stanley make after-hours trades
By Kevin Dugan
New York Post
Thursday, December 6, 2018
At the New York Stock Exchange, some traders are more equal than others.
That's the bitter takeaway from stockbrokers, who say the Big Board, in an unusual move last week, gave special treatment to a broker at Morgan Stanley who asked to trade large blocks of stocks for several minutes after the markets closed.
The frantic floor trader needed to make orders after the closing bell on at least four stocks last Friday -- the last trading day before President Trump and Chinese President Xi Jinping’s long-anticipated summit in Argentina to hash through trade issues, two people familiar with the trades told the Post.
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Those sources say the NYSE would normally have shut the trader out of the market, for fear of letting one market player gain an unfair advantage over other participants and wrongly influence stock prices.
Instead, exchange officials on Friday looked the other way, according to the sources. Rather than cutting him off at the standard deadline -- 10 seconds before 4 p.m., they gave the Morgan Stanley broker until 4:08 p.m. to complete a last-minute flurry of big transactions, according to the sources. ...
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