Nine Bond Rule
Categories: Bonds, Regulations
If an order is put to the NYSE for nine bonds or less, this rules requires that the order stay on the floor of the exchange for one hour. The idea is to look for a market for the bonds and get the best price for the investor.
If the order is not filled within the hour, the customer can ask the broker to try to fill the order away from the exchange or over the counter.
There's just not a ton of bond trading at the NYSE, and this rule can help net a better price.