Effective January 3, 2011, the NYSE and NYSE Amex have amended Rule 123C(9)(a)(1) to provide that if the Exchanges solicit interest after 4:00 p.m. to offset an extreme order imbalance at the close, member organizations can now enter interest electronically to Display Book or to a Floor broker in response to such a solicitation. Member organizations may continue to respond to Exchange solicitations by contacting their Floor brokers directly.
Note: Exchange systems will not verify side or price, and will not block post-4:00 p.m. cancellation of interest submitted under this rule. Therefore, members and member organizations entering such interest electronically are responsible for ensuring compliance with the rule, such that the only interest that may be entered in response to such a solicitation request is:
(i)offsetting;
(ii)a limit order (not LOC) priced no worse than the last sale price; and
(iii)irrevocable.
All interest submitted in accordance with the rule is executed consistent with Exchange Rule 72(c).
NYSE Regulation Information Memo 10-52
Please contact Robert Airo at rairo@nyx.com or 212-656-5663 with any questions.
Category: Operations
