The NYSE will introduce changes to the Closing Auction beginning on Monday March 1, 2010. These changes, which were highlighted in a previous client communication will add greater transparency, provide additional information and simplify the NYSE Closing Auction. Below are a list of the changes to the NYSE Closing and Opening Auctions:

Based on feedback from the Member Firm community, the NYSE is delaying the implementation of the Closing Auction Changes by one week from February 22, 2010 to March 1, 2010. This revised implementation date will provide participants with additional time to ensure that they will be systemically ready for the previously communicated Closing Auction changes. These changes include moving the Market-on-Close and Limit-on-Close cut-off time to 3:45 PM, the introduction of the Closing Offset Order, and the dissemination of additional pricing information. Please review the previously released notices in the links provided below, for additional details on the changes to the NYSE Closing Auction.

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