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 will revert to auto-quoting in situations where the LRP has been hit but the market is not locked or crossed. The timeframe to go fast again will be reduced from ten seconds to five seconds.

In addition, the recalculation of LRPs, currently done every 30 seconds, will be reduced to every ten seconds.

Current list of LRP Pilot List

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 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 will not accept requests for new CMS sessions after October 3, 2008.
NYSE Trading Technology Memo
NYSE Fix Specification & User Guide Version 3.5.1

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 frame. In preparation for this integration, the NYSE will support Member Firm testing on Saturday August 23, 2008 for firms to ensure their readiness. It is recommended that all Member Firms participate in the planned testing.

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

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 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

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. The elimination of the EMF reflects a continuing effort by the NYSE to maintain a cost effective, value-added execution offering for our customers.

Rule Filing SR-NYSE-2008-64

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 securities will be migrated to 11 Wall Street and integrated onto the NYSE Trading Platform. The Market Data stream will print all NYSE Alternext Securities trades and quotes to Tape B as “A”, since NYSE Alternext U.S. and NYSE will continue to be separate registered securities exchanges. Member Firms are being advised in advance so that they can prepare for changes in both trading and post trading systems.

Amex Trading System Integration Notice
Amex Post Trade System Integration Notice

Request for Registration by Monday, June 2, 2008

The NYSE plans to participate in an industry-wide test of Delayed Opening procedures under the auspices of SIFMA on Saturday, June 7. The purpose of the test is to assure that in the event of a planned, delayed opening, markets are able to open smoothly and efficiently. In addition to registration with SIFMA or any other market, registration directly with the NYSE is required for participation in this test as only registered firm lines will be started.
Member Firm Registration Form

Beginning Monday, May 5, the Common Message Switch (CMS) will open for NYSE order entry at 7:30 a.m. ET, 30 minutes earlier each trading day.

This additional pre-Opening access to NYSE trading systems has traditionally been available only on Expirations, and will now be extended to all trading sessions, allowing more time for customers to verify connectivity and prepare for the trading day.

In support of the NYSE's Take/Provide billing structure, the Exchange is enhancing its trading system to clearly identify customer executions with new billing indicators. These indicators will be provided both in real time on CMS execution reports as well as in your Post Trade reports (Merged Order Log).

Beginning on January 25, 2008 the NYSE will convert Berkshire Hathaway Inc. (BRK A) to a one (1) share Unit of Trade (UOT) from a ten (10) share UOT. For details of the change and its impact please review the changes to current Unit of Trade (UOT) for Berkshire Hathaway Inc. (BRK A).
Floor Operations Information Memo

LRP ranges for all eligible securities will be updated once daily based on the securities previous days price movement. Changes to the values in the LRP range for each security will only be made if in the previous day the security has exceeded or dropped below a set pricing threshold.
Floor Operations Information Memo 2nd Quarter
Floor Operations Information Memo 3rd Quarter
Liquidity Replenishment Point Values Table

Beginning on Monday, December 24, 2007, amended NYSE Rule 15 will require a specialist to publish a pre-opening price indication whenever the specialist, is arranging the opening transaction in a subject security, and anticipates that the price of the opening transaction will be at a price which is different from the previous day’s consolidated closing price by more than the “applicable price change.”

The NYSE is in the process of eliminating the "electronic execution" indication that appears with trades reported to the Consolidated Tape. The Exchange anticipates elimination for all securities by 12/21/07.

NYSE Trading Systems have been modified to handle how Partial Round Lot Reports are processed as described in an NYSE Information Memo. The changes are effective starting Wednesday, November 14th floorwide. Pricing and execution procedures for these modifications are the result of changes to NYSE Rule 124 (SR-NYSE-2007-82)
Trading Technology Information Memo
Rule Filing SR-NYSE-2007-82

Starting on November 2, 2007, the Exchange will eliminate Rule 80A trading collar or index arbitrage trading restrictions that require any index arbitrage order, or program trade in a component stock of the S&P 500 Stock Price Index to be entered as either “buy minus” or “sell plus” order when certain positive or negative thresholds in the NYSE Composite Index (NYA) are reached.
Trading Technology Information Memo
Rule Filing SR-NYSE-2007-96

Effective November 1, 2007, the New York Stock Exchange (NYSE) is offering free trading at the open to all customers in NYSE securities (excluding ETFs), including Market-On-Open (MOO), Limit-On-Open (LOO) and Good-Til-Cancel (GTC) orders. In addition, the NYSE recently established a more efficient opening process that allows specialists to automatically open most stocks for trading quickly and concentrate on imbalance situations. Customers can also help to ensure trading begins promptly at the official 9:30 a.m. start time by submitting opening orders in a timely manner.

Effective October 12th, the NYSE will begin implementation of new software that will publish specialist interest to the NYSE OpenBook, intermingled with other limited interest, as well as enable the specialist to open stocks on a quote electronically from their Specialist API.
Market Surveillance Information Memo

As of September 24th, the rollout of new Odd Lot Order Processing functionality to all eligible securities trading on the floor of the NYSE was completed, paving the way for a rollout of new Partial Round Lot Report Processing Modifications. Scheduling for the PRL rollout will be announced shortly.
Rule Filing SR-NYSE-2007-82

The NYSE will complete the rollout of the Do Not Ship Order (DNS) condition for limit orders, e-Quotes and g-Quotes to all remaining Securities and ETFs today. See the attached Floor Operations Memo for a recap of the DNS Order; the Intermarket Sweep Order and the NYSE IOC and Reg NMS IOC Orders.
Floor Operations Information Memo

As of July 6, 2007, the short sale "tick test" has been eliminated for all NYSE securities. The SEC has granted relief to allow a transitional period of 90 days from July 6 for firms to do the necessary systems work to replace the "short exempt" marking with "short." The SEC also granted relief to all SRO s to be able to accept orders marked "short exempt" for the same period.
SEC REG SHO Relief Response Letter to SIFMA
SEC REG SHO Relief Response Letter to AMEX