Effective Monday, November 17, 2008, the NYSE is eliminating the “Sub-penny Trading Halt Condition.” All securities currently subject to a sub-penny trading halt will resume trading on the NYSE. Orders routed to the NYSE in these securities will be executed on the NYSE (unless routed in compliance with Reg NMS), and all valid NYSE order types and times-in-force will again be accepted. Going forward, the NYSE will no longer halt trading and transfer securities to the NYSE Arca trading platform when they reach the $1.05 threshold.
In addition, NYSE has amended its transaction fee schedule to establish a fee for all transactions in stocks that have a trading price below $1.00 equal to the lesser of 0.3% of the aggregate transaction value, or the fee that would have applied if the stock did not have a trading price below $1.00.
Please note that the NYSE systems will not quote in sub-pennies or accept limit orders in sub-pennies.
Category: Operations, Securities
