Last week the NYSE distributed a link to the technical specification for the upcoming electronic reserve order type. At that time we acknowledged distribution of additional information regarding the reserve order type and the 100 stocks included in the initial pilot.

Effective March 24, 2008, the NYSE has amended Rule 15 to:
1) Utilize the previous day’s closing price on the NYSE in arranging opening transactions instead of the consolidated close;
2) Utilize the relevant price of the underlying security traded on its primary foreign market when arranging opening transactions for ADRs; and
3) Revise the price change parameters.

The next CMS software release is scheduled for cutover at the end of March 2008. As part of the new enhancements, the Display Book (DBK) Link ID will be provided on all NYSE execution reports and Execution Report Correction (ERC) messages, as well as report drop copies sent to the Member Firms.