The exchange operator told clients in recent days about its plans to cover all losses for orders posted or routed to NYSE, while loss-making trades triggered on other venues will not be covered, according to people with knowledge of the matter. In practice, three firms say NYSE will only reimburse roughly 60% of the claims filed. Others may qualify for more, one person said.
“In accordance with our rules, we expect to reimburse members 100% for all impacted orders that were received by the exchange,” a NYSE spokesperson said in an emailed statement on Monday. “This is part of the protections that come with trading on a transparent, public exchange.” Thousands of claims were submitted by retail brokerages including Charles Schwab and Robinhood Markets, as well as market makers Virtu Financial Inc. and Citadel Securities, the people said.
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