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April 4, 2007 On April 2, 2007 the NYSE completed the rollout of Reg. NMS routing capabilities to the NASD Alternative Display Facility (ADF) Participants and the International Securities Exchange (ISE). Please note that the NYSE routes to better priced top of book markets only, as required by Reg. NMS. The NYSE routes to all better priced away markets using ISO IOC orders. The new routing service implemented with ADF/ISE routing will be used to route to all other market centers as well, starting later this month. The NYSE will complete its migration off the ITS system by early May as planned. Although the NYSE is fully compliant with Reg. NMS routing requirements, firms are reminded that they remain responsible for Best Execution procedures. The NYSE strongly believes that the price and size of execution opportunities available on the Exchange through the Hybrid Market should be considered in connection with a best execution determination. For further information regarding the NYSE Hybrid Market, please visit the following website: http://www.nyse.com/marketinfo/hybmarket/1154513494962.html?sa_campaign=/internal_ads/callouts/hybridoverview
March 23, 2007 Announcing rollout of Reg NMS Routing Capabilities to ISE and ADF Participants The NYSE's rollout of routing to the NASD Alternative Display Facility (ADF) Participants and the International Securities Exchange (ISE) began Monday 03/19/07 with a limited number of symbols. The rollout is expected to conclude the week ending March 30th pending continued successful implementation of the new software. Orders will be routed as ISO IOC orders priced at away market top of book quotes. The NYSE will use this routing mechanism to migrate off the ITS platform starting later in April 2007. Note that the NYSE routes to better priced top of book markets only, as required by Reg NMS. For a list of Regulation NMS order types please see below: http://www.nyse.com/pdfs/RegNMSOrderTypes.pdf For further information on the Hybrid Market please see below: http://www.nyse.com/marketinfo/hybmarket/1154513494962.html
February 20, 2007 During the week of February 12, 2007, 212 securities were activated in the Phase IV rollout of the NYSE Hybrid Market. This brings the total number of stocks activated to 358. The complete list can be found on NYSE Group’s website (see below link). We anticipate completion of the Phase IV rollout no later than March 5, 2007, to coincide with the new Reg. NMS date. For securities activated in Phase IV, Reg. NMS Immediate or Cancel Orders (Reg. NMS IOC Orders) and NYSE Intermarket Sweep Orders (NYSE ISO Orders) will be accepted (see detailed description below. Reg. NMS IOCs provide customers
with the ability to trade immediately or be canceled but under no
circumstances to route. This provides greater control of routing costs for
customers. It’s worth noting that Reg. NMS IOC orders will be : NYSE ISOs are a Reg. NMS
mandated order type that places routing responsibilities on the customer
placing the order. NYSE will execute these orders and ignore better priced
markets or if not executable cancel them back to customers. NYSE ISOs
provide customers with the ultimate in routing controls.
During the week of February 5, 2007, 100 securities were activated in the Phase IV rollout of the NYSE Hybrid Market. This brings the total number of stocks activated to 146. The complete list can be found on NYSE Group’s website (see below link). We anticipate completion of the Phase IV rollout no later than March 5, 2007 to coincide with the new Reg. NMS date. For securities activated in Phase IV, Reg. NMS Immediate or Cancel Orders (Reg. NMS IOC Orders) and NYSE Intermarket Sweep Orders (NYSE ISO Orders) will be accepted (see detailed description below. Reg. NMS IOCs provide customers with the ability to trade immediately or be canceled but under no circumstances to route. This provides greater control of routing costs for customers. It’s worth noting that Reg. NMS IOC orders will be:
NYSE ISOs are a Reg. NMS mandated order type that places routing responsibilities on the customer placing the order. NYSE will execute these orders and ignore better priced markets or if not executable cancel them back to customers. NYSE ISOs provide customers with the ultimate in routing controls. NYSE ISOs will be accepted prior to the opening for
participation in the opening trade, but if they don’t participate at the
opening, they will be cancelled before the publication of the opening quote. NYSE Group has received exemptive relief from the SEC to begin using our Reg. NMS software that is included in the Phase IV rollout of the NYSE Hybrid Market. As a result, for securities that have been activated in Phase IV, Reg. NMS Immediate or Cancel Orders (Reg. NMS IOC Orders) and NYSE Intermarket Sweep Orders (NYSE ISO Orders) will be accepted. As a refresher, Reg. NMS IOC orders and NYSE ISO orders are defined below. Currently, there are 46 securities that have been activated in Phase IV and the list of securities can be found on NYSE Group’s website (see below link). Please check the website for the names of activated securities. Going forward, we will be sending out WEEKLY email notices as securities are activated within the Phase IV rollout as a reminder. The list of activated securities will be regularly updated on the NYSE Group’s website (see below link). We anticipate completion of the Phase IV rollout no later than March 5, 2007, to coincide with the new Reg. NMS date. Reg. NMS IOCs provide customers with the ability to trade immediately or be canceled but under no circumstances to route. This provides greater control of routing costs for customers. It’s worth noting that Reg. NMS IOC orders will be:
NYSE ISOs are a Reg. NMS mandated order type that places routing responsibilities on the customer placing the order. NYSE will execute these orders and ignore better priced markets or if not executable cancel them back to customers. NYSE ISOs provide customers with the ultimate in routing controls.
Hybrid Market Phase IV Activated Securities and Other Information:
http://www.nyse.com/marketinfo/hybmarket/1154513494962.html?sa_campaign=/internal_ads/callouts/hybridoverview
1. The SEC has extended the Regulation NMS implementation dates as shown below: Trading Phase Date: March 5, 2007. The revised Trading Phase now will
extend from March 5, 2007 till July 9, 2007. In addition, the April 1, 2007 date for SRO participants in the joint-industry market data plans to comply with the Allocation Amendment is not affected by this release and remains April 1, 2007. 2. Early Opening for the Gold Shares ETF The Exchange has amended NYSE Rules 1300 and 51 to provide for an 8:20 a.m.
opening of Gold Shares at the Exchange, which is scheduled to begin on Thursday,
February 1, 2007. These amendments will permit trading in Gold Shares at the
Exchange to start at the same time as trading in other gold-based instruments in
other markets. Early Opening for the Gold Shares ETF 3. NYSE Group and Tokyo Stock Exchange Enter Strategic Alliance NYSE Group, Inc. (NYSE: NYX) Chief Executive Officer John A. Thain and Tokyo Stock Exchange, Inc. (TSE) President and Chief Executive Officer Taizo Nishimuro today signed a letter of intent that establishes a strategic alliance between the two world financial market leaders to jointly develop and explore new opportunities in trading systems and technology, investor and issuer services, investment products, and governance and regulation. The agreement, which is non-exclusive, also sets the stage for a potential capital alliance between NYSE Group and the TSE. 4. On January 24, 2007 the NYSE marked the completion of Hybrid Market Phase III Activation. Phase IV began on January 25, 2007 please refer to the press release attached below for full detail and Hybrid Market statistics.
Rollout is basically over.
But now phase
IV kicks in with new tools, etc. I am placing this material here -
click here
Some basics follow: REGULATION NMS COMPLIANCE Phase IV introduces two new order types, Reg. NMS Immediate or Cancel Orders (Reg. NMS IOC Orders) and NYSE Intermarket Sweep Orders (NYSE ISO Orders). Reg. NMS IOCs provide customers with the ability to trade immediately or be canceled but under no circumstances to route. This provides greater control of routing costs for customers. It’s worth noting that Reg. NMS IOC Orders will be : • Accepted prior to the opening for participation in the opening trade,• Eligible for residual sweeps,• Immediately cancelled on arrival during a trading halt, and• Immediately cancelled when they are not marketable on the NYSE or when they arrive during an auto-execution suspension.NYSE ISOs are a Reg. NMS mandated order type that places routing responsibilities on the customer placing the order. NYSE will execute these orders and ignore better priced markets or if not executable cancel them back to customers. NYSE ISOs provide customers with the ultimate in routing controls. • NYSE ISOs will be accepted prior to the opening for participation in the opening trade, but if they don’t participate at the opening, they will be cancelled before the publication of the opening quote.HYBRID PHASE IV On January 25, 2007 the New York Stock Exchange will begin the rollout of Phase IV of the NYSE Hybrid Market. The focus of Phase IV is the continuation of the roll out of Hybrid Market NYSE tools for customers, brokers and specialists. Phase IV provides additional Order Types designed to support our customers with new trading choices for managing their orders in a Regulation NMS environment. REGULATION NMS COMPLIANCE Phase IV introduces two new order types, Reg. NMS Immediate or Cancel Orders (Reg. NMS IOC Orders) and NYSE Intermarket Sweep Orders (NYSE ISO Orders). Reg. NMS IOCs provide customers with the ability to trade immediately or be canceled but under no circumstances to route. This provides greater control of routing costs for customers. It’s worth noting that Reg. NMS IOC Orders will be : • Accepted prior to the opening for participation in the opening trade,• Eligible for residual sweeps,• Immediately cancelled on arrival during a trading halt, and• Immediately cancelled when they are not marketable on the NYSE or when they arrive during an auto-execution suspension.NYSE ISOs are a Reg. NMS mandated order type that places routing responsibilities on the customer placing the order. NYSE will execute these orders and ignore better priced markets or if not executable cancel them back to customers. NYSE ISOs provide customers with the ultimate in routing controls. • NYSE ISOs will be accepted prior to the opening for participation in the opening trade, but if they don’t participate at the opening, they will be cancelled before the publication of the opening quote.ENHANCED FLOOR BROKER TOOLS Discretionary e-Quotes (d-Quotes) for floor brokers were introduced in Phase III of the Hybrid Market. As a reminder, e-Quotes are a new electronic method for floor brokers to place customer interest on the Display Book, and d-Quotes extend the capability of e-Quotes by offering pricing discretion functionality. Within Phase IV, d-Quote functionality will be expanded to: • Provide d-Quotes with the ability to trade against non-marketable interest within a broker’s discretionary range.• Provide trading floor brokers with routing controls for d-Quotes on behalf of their customers.ENHANCED SPECIALIST TOOLS The point-of-sale is a source of information regarding the trading activity and interest for each security traded on the NYSE. With Phase IV, the information currently available to the specialist will be summarized through a new Display Book service that will include broker volume and other statistical information for each active stock, which can then be shared with floor brokers and their institutional customers. ROLLOUT SCHEDULE Rollout will commence Thursday, January 25, 2007. We anticipate completion no later than March 5, 2007, to coincide with the new Reg. NMS date. |