In a previous client memo dated November 16, 2009, the NYSE announced forthcoming changes to the NYSE closing process, including the introduction of a new order type; the Closing Offset (“CO”) order, pending SEC approval of amendments to Rule 123C. On December 23, 2009, the SEC approved amendments to our closing auction rule. The Exchange is excited to introduce these changes, along with the CO order type beginning on Monday, February 22, 2010.
The Exchange will also introduce expanded informational data feeds for the opening auction. The changes to the close will include a time change for entry of Market-on-Close and Limit-on-Close orders, new information in our imbalance data feeds and an extension to the current time to cancel MOC and LOC orders for legitimate errors. Below are highlights to the closing changes:
- New 3:45 pm Cutoff Time for MOC/LOC Order Entry Replacing 3:40 pm
- Elimination of the current 3:50 pm Regulatory Publication
- Systemic Generation of all 3:45 pm Regulatory Imbalances
- Order Cancelation for Documented Errors until 3:58 pm
- No Order Cancelation After 3:58 pm
- Addition of Indicative Clearing Price and Closing Interest Only Pricing to the Closing Imbalance Feeds
- Introduction of the CO Order
- New Indicative Opening Price for all Securities
- Beginning at 9:28 am and continuing to the opening of each Security at 15 Second Intervals
- Reference Price now Struck from Updated Indications
- Elimination of the current 9:00 am Cut Off time for Order Entry on Expiration Fridays
NYSE Rule Filing NYSE Amex Rule Filing Trading Technology Information Memo - Closing Offset Orders NYSE Order Imbalance Product Summary
For additional information please contact your Relationship Manager or Robert Airo, SVP, Market Operations at 212-656-5663.
Category: Operations
