To improve service and mitigate impact when outages affect customer orders and reports, the NY Cash Market (NYSE and NYSE Amex) has implemented new automated procedures. These automated procedures are initiated when the link between the gateway process and the NY matching engine is interrupted. When this connectivity is interrupted for a period of time, as set by the NYSE, the following will occur:
- Auto-execution for the affected stocks will be suspended;
- Manual trades in the same stocks will be systemically blocked from occurring;
- Routing to away markets will be suspended for the affected stocks;
- Quote condition “U” (slow and non-firm on both sides) will be published for the affected quotations
- Publishing of quotations to OpenBook® will be suspended.
NYSE staff will also temporarily suspend customer entry of orders and cancellations through CCG for those stocks affected. Customers attempting entry during such an interruption will receive the message “System Unavailable.”
The NYSE will continue to use normal means of communicating system outages to the community including the dissemination of NYSE System Status Alerts. Once resolved, customers will be able to cancel orders and send new orders, and trading will be resumed shortly thereafter, as will be announced.
Questions regarding these procedures may be referred to Robert Airo, SVP, NYSE Operations, at 212-656-5663 or your Relationship Manager.
Category: Operations
