NYSE Trader Updates tag:,2008:/2 2008-08-25T19:59:45Z NYSE Trader Updates Movable Type 3.35 Liquidity Replenishment Points (LRPs) Timer Pilot tag:traderupdates.nyse.com,2008://2.1356 2008-08-20T17:50:23Z 2008-08-25T19:59:45Z On 21 August 2008, the NYSE will commence a pilot regarding the calculation of its Liquidity Replenishment Points (LRPs) in an effort to increase the availability of NYSE quotes eligible for automatic execution. In accordance with Rule 1000, the NYSE... Melissa Castillo http://exchanges.nyse.com/traderupdates Current list of LRP Pilot List ]]> NYSE/Amex Integration (NYSE Alternext U.S.) Moved Back to Support Member Firms' Transition Extension Requests tag:traderupdates.nyse.com,2008://2.1351 2008-08-15T13:50:37Z 2008-08-15T16:29:00Z NYSE Euronext is moving the timing of the American Stock Exchange equities integration to early December from mid-September. In connection with this, we are cancelling the industry test that had been scheduled for Aug. 23. As a reminder, the equities... Jennifer Macdonald http://exchanges.nyse.com/traderupdates NYSE Euronext is moving the timing of the American Stock Exchange equities integration to early December from mid-September. In connection with this, we are cancelling the industry test that had been scheduled for Aug. 23. As a reminder, the equities integration will transition trading from Amex/AEMI systems to the NYSE Alternext brand, using NYSE systems. The extension responds to member firms' requests for additional time to make and test necessary programming changes, as well as for trading and post-trade system modifications that will make the transition easier for the firms. Consistent with our previously announced plans, the migration of Exchange Traded Products (ETFs, ETNs, ILNs, etc.) from the Amex self-regulatory organization and AEMI system to NYSE Arca is expected to occur at the end of November; all such products will trade only on the NYSE Arca SRO and technology, and as a result of new timing for the Amex equities, the Exchange Traded Product migration will occur before the equities. We will continue to work closely with all market participants toward a seamless and highly beneficial transition and integration of the markets. Revised details of technical modifications and testing opportunities will be published later this month. We encourage members to review that revised timeline and prioritize their system changes accordingly. For further information, please contact your NYSE client or technical representative. Decommissioning of CMS on 12/31/2008 tag:traderupdates.nyse.com,2008://2.1348 2008-08-05T15:23:14Z 2008-08-05T15:34:06Z The NYSE will decommission the Common Message Switch (CMS) as of December 31, 2008. It is important that your firm begin the conversion process from CMS to the Common Customer Gateway (CCG) as soon as possible. In addition, the NYSE... Melissa Castillo http://exchanges.nyse.com/traderupdates NYSE Trading Technology Memo NYSE Fix Specification & User Guide Version 3.5.1]]> NYSE Alternext U.S. (NYSE/Amex Integration) – August 23rd Industry Test tag:traderupdates.nyse.com,2008://2.1347 2008-08-04T19:04:36Z 2008-08-04T19:10:31Z As previously announced in the July 7, 2008 information memo titled ‘NYSE Alternext U.S. (NYSE/Alternext Integration) – Trading Systems Update”, member firms were informed that Amex Equities will be migrated onto the NYSE Trading Platform in the September 2008 time... Melissa Castillo http://exchanges.nyse.com/traderupdates NYSE Alternext U.S. (NYSE/Amex Integration) – Aug 23rd Industry Test NYSE Alternext U.S. (NYSE/Amex Integration) – Trading Systems Update NYSE Alternext U.S. (NYSE/Amex Integration) – Post Trade Update]]> NYSE Alternext U.S. (NYSE/Amex Integration) – FIX Message Formatting tag:traderupdates.nyse.com,2008://2.1346 2008-08-04T14:46:27Z 2008-08-04T17:13:12Z As previously announced in NYSE Trader Update Notice of upcoming NYSE system changes to support the NYSE/Amex Integration (NYSE Alternext U.S.)", Amex Equities will be migrated onto the NYSE Trading Platform in the September 2008 timeframe. The Amex Auction and... Jennifer Macdonald http://exchanges.nyse.com/traderupdates Notice of upcoming NYSE system changes to support the NYSE/Amex Integration (NYSE Alternext U.S.)", Amex Equities will be migrated onto the NYSE Trading Platform in the September 2008 timeframe. The Amex Auction and Electronic Market Integration system (AEMI) currently supports FIX protocol version 4.4. Upon completion of the Amex Equities migration to the NYSE Trading platform, incoming FIX messages must conform to the currentNYSE Fix 4.2 specification or NYSE FCS protocol formats.For more detailed information regarding NYSE version FIX4.2 and the Amex migration see the NYSE FIX Specification version 3.5.1 and the Integration & Connectivity Notice links provided below. NYSE Alternext U.S. Trading System (NYSE/Amex Integration) CMS Integration & Connectivity Notice NYSE Fix Specification & User Guide version 3.5.1 ]]> Elimination of the Exceptional Message Fee (EMF) tag:traderupdates.nyse.com,2008://2.1343 2008-07-31T19:09:48Z 2008-07-31T20:38:56Z Effective, August 1, 2008 the New York Stock Exchange will eliminate the Exceptional Message Fee of $0.01 per exceptional system message. This fee was originally introduced to help supplement the cost of adding additional capacity to the Exchange's trading systems.... Melissa Castillo http://exchanges.nyse.com/traderupdates Rule Filing SR-NYSE-2008-64]]> Contingency Trading Exercise now Scheduled for 10/25/08 tag:traderupdates.nyse.com,2008://2.1340 2008-07-31T12:30:00Z 2008-07-31T12:56:29Z The NYSE is postponing the previously announced industry wide contingency trading test, which was originally planned for August 9, 2008. This was to be a comprehensive test, allowing participants to test all components of continency trading, however we determined that... Melissa Castillo http://exchanges.nyse.com/traderupdates NYSE Business Contingency Update Memo]]> SEC Naked Protection Order Extended to 08/12/08 tag:traderupdates.nyse.com,2008://2.1341 2008-07-31T00:27:08Z 2008-07-31T02:27:49Z The SEC has extended it's emergency Order to enhance investor protections against "naked" short selling through EDT August 12th. The Order targeted 19 securities in a July 15th amendment that has been in effect since Monday, July 21 and had... Melissa Castillo http://exchanges.nyse.com/traderupdates The SEC has extended it's emergency Order to enhance investor protections against "naked" short selling through EDT August 12th. The Order targeted 19 securities in a July 15th amendment that has been in effect since Monday, July 21 and had been scheduled to terminate at 11:59 EDT on Tuesday, July 29, 2008. The SEC has announced that the Order will not be extended beyond the new August 12th expiration date. NYSE Floor Brokers Get New Tools to Trade Algorithmically and Locate Deep Liquidity tag:traderupdates.nyse.com,2008://2.1338 2008-07-28T17:33:53Z 2008-07-28T17:39:04Z The New York Stock Exchange is rolling out two new technologies that, respectively, give brokers on the NYSE trading floor the ability to trade algorithmically, and strengthen the brokers’ ability to locate large sources of liquidity. NYSE News Release... Melissa Castillo http://exchanges.nyse.com/traderupdates NYSE News Release]]> SEC Provides Exemptive Relief with Amendment to "Naked" Short Sell Emergency Order tag:traderupdates.nyse.com,2008://2.1333 2008-07-18T21:00:04Z 2008-07-18T21:04:17Z On July 18, 2008, the SEC issued an amendment to its July 15, 2008 Emergency Order related to short selling securities of certain specified substantial financial firms (see Appendix A below). The Amended Order provides that, in order to permit... Melissa Castillo http://exchanges.nyse.com/traderupdates On July 18, 2008, the SEC issued an amendment to its July 15, 2008 Emergency Order related to short selling securities of certain specified substantial financial firms (see Appendix A below). The Amended Order provides that, in order to permit bona fide market makers to facilitate customer orders in a fast-moving market without possible delays, the borrow and arrangement-to-borrow requirement of the original Order does not apply to these bona fide market makers.
Registered market makers, block positioners, and other market makers obligated to quote in the over-the-counter market, that are selling short as part of bona fide market making and hedging activities related directly to bona fide market making in: (a) Appendix A Securities; (b) derivative securities based on Appendix A Securities, including standardized options; and (c) exchange traded funds of which Appendix A Securities are a component.

The Amended Order states that settlement date delivery requirement continues to apply to these market makers. In addition, the Amended Order discusses the required documentation, sales of restricted securities, and syndicate offerings.

The July 15 Emergency Order provided that no person may effect a short sale in the specified securities unless such person (or agent) has pre-borrowed or arranged to borrow the security or otherwise has the security. Further, the securities must be delivered on settlement date. In order to allow market participants time to adjust their operations to implement the enhanced requirements, this Order shall take effect at 12:01 a.m. EDT on Monday, July 21, 2008. This Order shall terminate at 11:59 p.m. EDT on Tuesday, July 29, 2008, unless further extended by the Commission.

Appendix A

Company Name Symbol
BNP Paribas Securities Corp.BNPQF or BNPQY
Bank of America CorporationBAC
Barclays PLCBCS
Citigroup Inc. C
Credit Suisse GroupCS
Daiwa Securities Group Inc.DSECY
Deutsche Bank Group AG DB
Allianz SE AZ
Goldman, Sachs Group Inc GS
Royal Bank ADS RBS
HSBC Holdings PLC ADS HBC and HSI
J. P. Morgan Chase & Co. JPM
Lehman Brothers Holdings Inc.LEH
Merrill Lynch & Co., Inc. MER
Mizuho Financial Group, Inc. MFG
Morgan Stanley MS
UBS AG UBS
Freddie Mac FRE
Fannie Mae FNM

SEC Release
SEC Order
SEC Amended Order ]]> SEC Naked Protection Order Effective 07/21/08: Limited Exemptive Relief for Specialist/Market Makers Expected tag:traderupdates.nyse.com,2008://2.1329 2008-07-18T11:30:00Z 2008-07-31T02:26:58Z On July 15, 2008, the SEC issued an emergency order to enhance investor protections against "naked" short selling in the 19 securities listed below. The SEC's order provides that no person may effect a short sale in these securities unless... Melissa Castillo http://exchanges.nyse.com/traderupdates On July 15, 2008, the SEC issued an emergency order to enhance investor protections against "naked" short selling in the 19 securities listed below. The SEC's order provides that no person may effect a short sale in these securities unless such person (or agent) has pre-borrowed or arranged to borrow the security or otherwise has the security, and delivers the security on settlement date.
The SEC intends to grant limited relief for specialists and registered market makers with respect to the pre-borrowing requirement but has not released its written guidance as of yet. NYSE will keep you informed regarding this relief and other interpretive guidance from the SEC.

Affected Securities
Company Name Symbol
BNP Paribas Securities Corp.BNPQF or BNPQY
Bank of America CorporationBAC
Barclays PLCBCS
Citigroup Inc. C
Credit Suisse GroupCS
Daiwa Securities Group Inc.DSECY
Deutsche Bank Group AG DB
Allianz SE AZ
Goldman, Sachs Group Inc GS
Royal Bank ADS RBS
HSBC Holdings PLC ADS HBC and HSI
J. P. Morgan Chase & Co. JPM
Lehman Brothers Holdings Inc.LEH
Merrill Lynch & Co., Inc. MER
Mizuho Financial Group, Inc. MFG
Morgan Stanley MS
UBS AG UBS
Freddie Mac FRE
Fannie Mae FNM

SEC Press Release
SEC Release No. 58166]]> New Market Model Update tag:traderupdates.nyse.com,2008://2.1330 2008-07-17T20:40:00Z 2008-07-17T22:03:12Z The NYSE New Market Model Initiative is on track to begin roll out in late August or early September. See the updated Rule Filing for additional details, and if you haven't yet, see "Evolution of the NYSE Market Model" for... Melissa Castillo http://exchanges.nyse.com/traderupdates Evolution of the NYSE Market Model" for an Initiative overview.
Rule Filing SR-NYSE-2008 Amendment No. 1]]> Notice of upcoming NYSE system changes to support the NYSE/Amex Integration (NYSE Alternext U.S.) tag:traderupdates.nyse.com,2008://2.1324 2008-07-07T19:20:31Z 2008-07-07T19:50:08Z At the closing of the merger between NYSE Euronext and the American Stock Exchange, the name of the American Stock Exchange will be changed to NYSE Alternext U.S. On a specified date following that closing, trading in NYSE Alternext listed... Melissa Castillo http://exchanges.nyse.com/traderupdates Amex Trading System Integration Notice Amex Post Trade System Integration Notice ]]> NYSE Order Imbalances Product Goes Live tag:traderupdates.nyse.com,2008://2.1322 2008-07-01T18:23:36Z 2008-07-07T13:26:24Z The NYSE today will introduce NYSE Order Imbalances, a rich, new data product that will increase the transparency of the NYSE's daily open and close, the two most critical periods of the trading day.... Melissa Castillo http://exchanges.nyse.com/traderupdates The NYSE today will introduce NYSE Order Imbalances, a rich, new data product that will increase the transparency of the NYSE's daily open and close, the two most critical periods of the trading day. NYSE News release ]]> Russell Reconstitution – 06/27/08 tag:traderupdates.nyse.com,2008://2.1311 2008-06-16T19:34:21Z 2008-06-23T14:38:47Z On June 30, 2008, the newly rebalanced Russell indices (Russell Global Index, Russell 1000® Index, Russell 2000® Index Russell 3000® Index and Russell Microcap® Index) will go into effect and will remain in place for the next 12-month period. The... Melissa Castillo http://exchanges.nyse.com/traderupdates ]]> 2008 Russell Reconstitution List

Current Components Proposed AdditionsProposed Deletions
NYSE-listed
Russell 3000
1,3294136
Russell MicroCap3134839

This list is subject to change. Please check with The Russell Investment Group for updates and final lists of additions and deletions at http://www.russell.com/indexes/membership/Reconstitution/default.asp

Normal MOC/LOC rules and procedures will apply on June 27.

MOC/LOC PROCEDURES
7:30 am CMS opens and begins accepting MOC/LOC orders.
3:40 pmMOC/LOC deadline for order entry/cancellation,
except to offset published imbalances or cancel an error.
3:40 - 3:50 pmEntry only to offset published imbalances
Cancellations permitted in case of a legitimate error
3:50 - 4:00 pmCancellation or reduction in size of
MOC /LOC orders not permitted for any reason
4:15 - 5:00 pmOrder entry for Crossing Session I
4:00 pm Orders are executed; market closes.
4:44 pmOrder entry cut-off for NYSE Matchpointsm
4:00 - 6:30 pmOrder entry for Crossing Session II

While we are confident in our capacity planning and software management process, we understand the need to communicate various system interruption contingencies with our customers as we head into the Russell Reconstitution.

Communications
The NYSE will disseminate event updates to inform market participants of any usual market conditions or event outages and to advise of any actions to remedy those conditions via web at http://traderupdates.nyse.com, RSS and email notifications in near real time using NYSE System Status, CMS Broadcasts, NMS Broadcasts, and/or Hoot & Holler broadcasts, all of which are a part of our regular communication methods for alerting our customers to important news.

In addition, we will be joining both NASDAQ and NYSE ARCA on an open market-wide call to provide our customers with live access to information. The call will begin at 3:00 p.m., ET, and will run for approximately two hours.
Dial In: 888 989 9858
Pass code: Russell
Leader: Brian Brody Please call in at least 10 minutes prior to the beginning of the call. (This call is closed to the media.)

System Interruption Contingency Scenario 1
In the event of a NYSE system interruption that occurs intraday whereby normal trading is resumed prior to 3:40 p.m. we will begin the normal Market on Close posting process (3:40 and 3:50, with some publications as early as 3:00 p.m.). There will be the normal 4:00 p.m. close time.

System Interruption Contingency Scenario 2
In the event of a NYSE system interruption that occurs intraday whereby normal trading is resumed between 3:40 and 3:50 p.m. we will begin the normal Market on Close posting process (3:40 and 3:50, with some publications as early as 3:00 p.m.). There will be the normal 4:00 p.m. close time.

System Interruption Contingency Scenario 3
In the event of a NYSE system interruption that occurs intraday whereby normal trading is resumed between 3:50 and 3:59 p.m. we will bypass the normal 3:40 MOC publication and utilize a single MOC publication before the 4:00 p.m. close time, if practicable. Although the process may extend later than the usual 4:00 p.m. close time, order delivery will stop at 4 p.m.

System Interruption Contingency Scenario 4
In the event of a NYSE system interruption that occurs intraday whereby service will be restored after the 4:00 p.m. close time we may not publish the customary 3:40 and/or 3:50 Market on Close information. The NYSE will notify market participants of the new close time and will price the close at or around this time. The normal 5:00 p.m. start time of the Crossing Session will be delayed. The new time will be communicated to market participants via the market wide call and a CMS broadcast.

System Interruption Contingency Scenario 5
In the event of a NYSE system interruption that occurs intraday whereby service will not be restored, the NYSE closing price on June 27 will be the last regular way trade. ]]>