The next generation NYSE will remain the premier venue for price discovery, enhanced liquidity, competitive quotes and price improvement. Specialists and floor brokers will have new technology tools and modernized operating rules which will greatly enhance their performance and efficiency. We are redefining and modernizing the role of specialists, who will now be known as Designated Market Makers (DMM's), while maintaining their strong and distinct market maintenance obligations, which are hallmarks of the NYSE market model. DMM's will continue to use their capital to dampen volatility as well as to maintain the market while being relived of some requirements that are no longer relevant in today's marketplace. These changes will enable DMM's to more effectively participate in both the electronic and physical dimensions of the market while becoming even more valuable to issuers, investors and all customers. Floor brokers will also have access to new technology tools and to new functionality, including the use of Exchange-approved algorithms to improve their efficiency and service to customers.

In summary, we are offering the best of both worlds: high-tech for low latency and certainty; high-touch when it's needed for orderly opens and closes, dampening volatility, adding liquidity and improving prices. In a more electronic world, we are making the NYSE a faster environment for trading the securities of our listed issuers, ever-more reliable, and more responsive to customer interests.

For your convenience, a web-link to the SEC filing is below. Further, as the rule filing is subject to SEC approval and public comment, we welcome your input on these important changes and look forward to addressing your questions. We will also keep you posted on our progress with this truly important initiative.

Rule Filing SR-NYSE-2008-46