Single-Tape Plan Unveiled
A proposal for a consolidated ticker tape ÛÓ the first step toward implementing a central nationwide stock marketÛÓwas made public yesterday by the Securities and Exchange Commission.</br></br>The plan ÛÓ jointly drafted by the New York Stock Exchange, American Stock Exchange, three regional exchanges and the National Association of Securities DealersÛÓcalls for a two-network tape system listing last sale prices ÛÏon a current and continuous basisÛ of all eligible securities.</br></br>A first-stage pilot program is proposed which would go into effect no later than 20 weeks after the SEC approves the plan.</br></br>Under the pilot program, the last sale prices of 15 stocks will be merged into the New York Stock Exchange tape, and the market in which the sale is executed will be identified.</br></br>The 15 common stocks to he selected will be among those listed and registered on the NYSE and traded as well on one or more of the regional exchangesÛÓthe Pacific, Midwest and the PBW. The plan further requires that ÛÏat least 10 of the most active dually traded issuesÛ be among the 15.