The New York Stock Exchange will implement changes to accept limit and stop orders priced less than $1 entered in sub-pennies for all securities listed on both the NYSE and NYSE Amex without rounding such prices to the nearest whole penny. Orders priced equal to or greater than $1 entered in sub-pennies will continue to be rejected, as is done today. Pursuant to Regulation NMS Rule 162, limit orders priced under $1 in increments smaller than .0001 will be rejected. Please refer to the attached link for additional technical details.
The Exchange's migration plan to allow sub-penny priced orders for securities trading under $1 without rounding will be a phased approach on a stock-by-stock basis beginning later this year in a limited number of stocks. The exact date of the initial migration will be announced in the near future and as stocks are targeted for migration, they will be added to a sub-penny priced stock list that will be made available via NYSE Trader.
Category: Operations
