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NYSE Trader

Weatherford International LTD – Order Imbalance on the Close – September 21, 2012

27 Sep 2012

On the close of trading on Friday, September 21, 2012, there was a buy imbalance in Weatherford International LTD (WFT) that could not be satisfied by the sell orders on the book. Under the conditions set forth in Exchange Rule 123C(9), NYSE solicited interest from off-Floor and on-Floor participants to offset that imbalance. The NYSE initiated publication of a solicitation for contra interest under the rule immediately following 4:00 pm.

Due to the delays in the web and email systems, the Exchange’s two solicitations of interest, sent at 4:22 pm and 4:28 pm, did not leave Exchange systems until 4:29 pm and 4:35 pm, respectively, and were time-stamped accordingly. Because of these delays, the Exchange extended the time for interest to be electronically sent to 4:35 pm, past the time prescribed in the rule (4:30 pm). Sufficient sell side interest was received from both off- and on-Floor participants to offset the buy imbalance. Interest in WFT was not accepted after 4:35 pm and the stock was closed shortly after on 7.822 million shares, unchanged from the last sale of $13.54.

In the future, should the usual methods of publication be unavailable, NYSE plans to post solicitations of interest on Facebook and Twitter, and by other available means of communication to be announced.

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