Effective November 1, 2007, the New York Stock Exchange (NYSE) is offering free trading at the open to all customers in NYSE securities (excluding ETFs), including Market-On-Open (MOO), Limit-On-Open (LOO) and Good-Til-Cancel (GTC) orders. In addition, the NYSE recently established a more efficient opening process that allows specialists to automatically open most stocks for trading quickly and concentrate on imbalance situations. Customers can also help to ensure trading begins promptly at the official 9:30 a.m. start time by submitting opening orders in a timely manner.
The NYSE has the most liquid opening and a superior process for handling imbalance situations and facilitating better price discovery. Specialists play a vital role in managing imbalances and establishing the best opening price, including providing additional capital to minimize imbalances and avoid unreasonable price variations. In mid-November, the NYSE will be providing real-time pre-open indicative prices, which will be available through the NYSE Alerts datafeed. The NYSE plans to offer additional pre-open information in the future.
Category: Operations
