On December 23, 2009, the NYSE issued guidance that GTC orders that receive a partial execution and then are cancelled and replaced are reloaded into the NYSE database on the next trading day with the original quantity of the order. The NYSE advised members and member organizations that these orders may be subject to over-execution and that, pursuant to NYSE and NYSE Amex Equities Rules 18 (“Compensation in Relation to Exchange System Failure”), they may be entitled to reimbursement for losses sustained in relation to a malfunction of the Exchanges’ systems.
As of January 13, 2010, normal GTC order processing has been restored for new GTC orders entered on or after that date. The very few remaining GTC orders that were partially executed and then cancelled and replaced prior to January 13 may still experience over-execution, and the remedies available under Rule 18 would still apply.
Please contact your NYSE Relationship Manager or Robert Airo at (212) 656-5663 with questions.
Category: Operations
