On February 1, the NYSE and NYSE Amex cash markets will begin accepting, displaying and executing limit and stop orders priced less than $1 entered in sub-pennies without rounding such prices to the nearest whole penny. Pursuant to Regulation NMS Rule 612, orders priced equal to or greater than $1 entered in sub-pennies will continue to be rejected, as will limit and stop orders priced under $1 in increments smaller than $0.0001.
The NYSE and NYSE Amex will also display these sub-penny priced orders in the NYSE and NYSE Amex OpenBook products.
This functionality will be implemented across all NYSE and NYSE Amex securities in a phased approach over the course of several weeks. Please see Sub-penny Activation for the list of securities that will be active on Monday February 1, 2010 for sub-penny trading. In addition please continue to check back to this link which will be maintained on the NYSE Equities Reference page to view the remaining Sub $1 securities as they are added to the list over the next several weeks.
Sub-penny Technical Trading Memo
Category: Operations, Securities
