With over 3200 NYSE and 15 NYSE Amex securities migrated over to the new SDBK database, customers are reminded that the NYSE now supports order quantities up to 6.5 million shares for orders destined to SDBK. For symbols that have not yet been migrated, the maximum share quantity supported remains at 3 million. For all symbols, the maximum auto-execution size remains at 1 million shares and the maximum quantity supported by the Broker systems remains at 6.5 million shares.
For more information on the symbols that support the increased maximum quantity, please refer to the SDBK Security Rollout list maintained on the NYSE Equities Reference page.
Category: Operations, Product News
Members and member organizations should be aware that certain orders and order-entry practices can improperly dislocate the market in a security, raising regulatory concerns.
The below Regulatory Information Memo provides guidance to NYSE and NYSE Amex members and member organizations of their responsibilities when handling orders at or near the close.
NYSE Regulation Information Memo
Category: Operations, Traders
NYSE procedures for Russell Reconstitution; MOC/LOC rules; Communication & Contingency Scenarios all follow in the memo provided in the link below. This notice has been updated with the newly released Russell Information Memo and Trading Near or on the Close FAQ.
On June 29, 2009, 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 newly reconstituted indices will take effect after the close of the U.S. equity markets on Friday, June 26, 2009. The Russell Investment Group will use the NYSE Closing trades to price the NYSE-listed and NYSE Amex-listed securities added to the indices.
Russell Reconstitution - NYSE Procedures
Russell Information Memo
Trading Near or on the Close FAQ
Category: Operations, Traders
Beginning Friday, June 12th, 2009, the rollout of the new SDBK database will continue with the addition of 457 new securities for a total of 3229 NYSE listed securities and 15 NYSE Amex Securities. A list of the newly rolled out securities as well as all subsequent securities that are rolled out on to the SDBK database is being maintained on the NYSE Equities Reference page. Please check back to this page to follow the updates.
Category: Operations, Product News
June 1, 2009 – Trading in General Motors corporation and related securities will open on the Stock Exchange following the normal indication process. See below for additional NYSE Regulation, Inc. Information.
NYSE Regulation, Inc. (“NYSE Regulation”) announced today that it determined that the common stock of General Motors Corporation (the “Company”) – ticker symbol GM – as well as the 10 related listed securities below, should be suspended prior to the opening on June 2, 2009.
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Category: Operations, Securities
The New York Stock Exchange (NYSE) announces that the common and related structured products of General Motors Corporation (ticker symbol GM) will be halted news dissemination during the pre-market and available to all markets for trading at 9:30am (EST) on the morning of Monday, June 1, 2009.
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Category: Operations, Securities
On March 16th, 2009, the NYSE began the implementation of its new SDBK database and has successfully deployed approximately 120 NYSE and NYSE Amex symbols to the new environment. The new database has dramatically improved performance and reduced system latencies to approximately a 5 millisecond turnaround for automatic executions. Considering the magnitude of change and the resulting latency reductions achieved only a few issues have surfaced.
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Category: Operations, Product News
As a clarification to the earlier Trader Update regarding 4 and 5 character symbol trading on the NYSE, the VALE.P symbol will appear as follows in the following NYSE inputs and outputs:
CCG: VALE P
CTS and CQS High Speed Lines: VALE/P
Slow Speed Ticker: VALE.P
Post Trade Output: VALEP
Category: Connectivity, Operations
On December 2, 2008, the NYSE announced that in accord with the November 2008 SEC decision to have uniform symbology across exchanges, the NYSE would offer firms the ability to test four and five-character symbols at the NYSE (see the December 2, 2008 Trader Update). Effective Monday May 4, 2009, four symbols will trade on the NYSE as 4-character root symbols. Participants should ensure that their systems are prepared to handle these symbols.
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Category: Connectivity, Operations
To update the March 18, 2009 Trader Update post, in response to firms’ concerns regarding changes implemented in the initial pilot stock of the Super Display Book (SDBK) deployment, the NYSE will be implementing software changes to reinstate the Cancel Replace to reduce message type into the SDBK environment. The linked Trading Technology Information Memo details the implementation of the order type. This software enhancement will be available for firms to test in the User Acceptance Test (UAT) environment shortly.
Subsequent notification will be issued detailing the deployment of this software to additional pilot stocks.
Trading Technology Information Memo (March 27, 2009)
Current SDBK Securities Rollout List
Category: Operations, Product News
To update the March 11, 2009 Trader Update post, NYSE Euronext successfully deployed its new Super Display Book (SDBK) database in production on Monday, March 16, 2009 in the stock Par Technologies Corporation (NYSE Listed: PTC) and confirmed processing through the comparison, clearing and settlement systems.
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Category: Operations, Product News
To update the March 5, 2009 Information Memo, NYSE Euronext will migrate one low volume NYSE cash equities symbol from the SuperDOT® (SDOT) databases to a newly implemented Super Display Book (SDBK) database in production on Monday, March 16, 2009. Trading in the pilot stock will take place through the settlement cycle and the systems will be adjusted as required before the stock symbol is announced and before any further rollout commences.
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Category: NYSE Amex , Operations, Product News
As previously communicated in the March 5, 2009 Information Memo, NYSE Euronext will be migrating NYSE and NYSE Amex cash equities from the SuperDOT® (SDOT) databases to a newly implemented Super Display Book (SDBK) database. Firms wishing to test their systems in the new SDBK database environment can do so in the User Acceptance Test (UAT) environment between the hours of 9:00 AM and 10:00 PM (with product support available between 9:00 AM and 5:00 PM).
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Category: NYSE Amex , Operations, Product News
Effective tomorrow, Friday, February 6, 2009, the Exchange is implementing a single-print close designed to reduce the manual processing required of the DMM to close a security. As a result, the imbalance (if any) of paired-off closing transaction and stop orders elected for execution on the close will now be reported to the Tape as a single transaction and print.
The Exchange anticipates that consolidation of the separate transactions and prints will increase the efficiency of the closing process, resulting in speedier reporting of closing transactions.
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Category: Operations, Product News
Member firms were informed on January 20, 2009, that the NYSE completed the migration to the new Common Customer Gateway SM order entry system and will begin to implement Phase II of our systems upgrades.
This technical notice, dated February 2, 2009, provides the details for the functional enhancements being introduced as part of the stock migration to the new SDBKSM Database. Current NYSE and NYSE Alternext US Equities Trading functionality remains, unless explicitly stated otherwise.
In addition, a SDBK FAQ has been included for your reference at end of this notification.
Trading Technology Information Memo (January 20th, 2009)
Trading Technology Information Memo (February 2nd, 2009)
Category: NYSE Amex , Operations
Beginning tomorrow, Friday, January 29, 2009, the following NYSE & NYSE Alternext US securities will be enabled to provide the new sub-penny reports for away market executions. As additional securities are enabled with this new feature this rollout list will be updated. Please check the NYSE Equities References Page to follow the updates.
For additional information about the features of the sub-penny reports for away markets see:
Update on Sub-penny reports for Away market executions
Category: Operations, Securities
Effective for Trade Date January 22, 2009, the securities listed in the document provided below will be moved to different Liquidity Replenishment Points (LRPs) volume/price groups. This move is based on closing price and quarterly average daily volume calculations.
LRP Moves for 1st Qtr 09
LRP Effective Parameter Ranges & Buckets
Category: Operations, Securities
Beginning on Monday January, 26 2009, as previously mentioned in several client communication throughout the month of October (please reference notices linked below), the NYSE will begin passing sub-penny execution reports from away markets back to firms and will no longer truncate buy reports or round up sell reports as we have done in the past. Firms will begin to receive sub-penny prices via CCG as well as CCG and CMS Drop Copy Services on execution reports from away markets that provide mid point matches as well as on Odd Lots that are priced off an away market quote.
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Category: Operations, Securities
On November 6, 2008, the SEC adopted a plan that will establish a uniform system for the selection and reservation of securities symbols. The result of this plan, which will become active 60 days from the above date, will mean that the allocation and use of symbols can be from one to five characters in length across all SROs. What this means for the New York Stock Exchange is the potential for NYSE Listed Companies to have a four- or five-character symbol as their ticker identifiers.
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Category: Connectivity, Operations
Beginning on December 1, 2008, the New York Stock Exchange will accept and no longer reject orders priced less than $1 that are entered in sub-pennies for all securities listed on both the NYSE and NYSE Alternext. The Exchange will round limit orders to the nearest next whole penny, either down for buy orders or up for sell orders, to represent the order for execution or to transmit the bid or offer to the Consolidated Quote System using the rounded limit price. Please refer to the two attached links for additional technical details and for the SEC Rule filing.
Additionally, at a date to be announced shortly, the Exchange systems will also begin passing back reports to clients in sub-pennies, with a maximum of a four decimal place increment for executions that are received from away market centers.
NYSE Rule File # SR-NYSE-2008-123
NYSE Sub-Penny Order Technical Specifications
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Category: Operations, Securities
This Saturday, November 22, 2008 is the final opportunity for firms to participate in production Amex Integration testing before the Amex listed securities are migrated to 11 Wall Street and integrated onto the NYSE trading Platform on December 1, 2008. Firms wishing to participate in the test must register by sending an email to relationshipmgt@nyx.com including the production customer lines and entering firm mnemonics that they plan to use for the day of the test and a contact person at your firm (including email address and phone number).
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Category: NYSE Amex , Operations, Product News
Effective Monday, November 17, 2008, the NYSE is eliminating the “Sub-penny Trading Halt Condition.” All securities currently subject to a sub-penny trading halt will resume trading on the NYSE. Orders routed to the NYSE in these securities will be executed on the NYSE (unless routed in compliance with Reg NMS), and all valid NYSE order types and times-in-force will again be accepted. Going forward, the NYSE will no longer halt trading and transfer securities to the NYSE Arca trading platform when they reach the $1.05 threshold.
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Category: Operations, Securities
The NYSE completed rollout of the first of two phases of its newly approved next-generation market model. This set of transformative changes begins the transition to Designated Market Maker (DMM) for the Exchange’s current primary dealers known as Specialists.
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Category: Operations, Product News, Traders
The NYSE announced today that SEC approvals have cleared the way for a Monday October 27th launch of the NYSE’s next-generation market model featuring advanced new trading tools supported by a revised rule set designed to maximize the NYSE's market quality and competitiveness in today's increasingly electronic trading environment. The rollout of the new Market Model will be released in phases.
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Category: Operations, Product News, Traders
NYSE Euronext (NYX), the world’s leading and most diverse exchange group, today completed its acquisition of the American Stock Exchange® (Amex®), becoming the third-largest U.S. options marketplace and enhancing the company’s leadership in ETFs, cash equities, closed-end funds and structured products. The transaction is expected to produce annualized run-rate cost savings in excess of $100 million by the end of 2009 and be accretive to earnings.
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Category: Connectivity, Operations, Traders
The NYSE has lifted the news dissemination halt on Lehman Brothers allowing other markets, including NYSE Arca, to trade the security. Lehman will not open or trade on the NYSE.
The decision to lift the news dissemination halt was based on Lehman’s press release issued last night outlining Barclays agreement to acquire Lehman Brothers' North American investment banking and capital markets operations.
As previously reported, Standard & Poor’s has removed Lehman from their indices. For additional detail on the removal of Lehman from the S&P please go to the S&P website.
Category: Operations, Securities
S&P recognizes that there was a trading halt today in Lehman Brothers and will be posting on their website tonight, at 5:15pm, instructions regarding Lehman Brothers and the S&P Index.
Category: Operations, Securities
Lehman Brothers is scheduled to come out of the S& P Index this evening however the stock has been placed on a news dissemination halt. We are currently investigating with the S& P how it will be handled.
Category: Operations, Securities
LEH Preferreds will trade on the NYSE at the opening. LEH Preferreds trading under $1.05 at the opening will follow sub-penny rules thereafter. NYSE will be sending indications on these securities.
Category: Operations, Securities
Consistent with the guidelines under the NYSE Sub-penny Trading Rule, Lehman Brothers Inc. (LEH) will not trade on the NYSE today. Trading will take place in Arca today. NYSE orders in the common will begin routing to NYSE Arca with NYSE Arca pricing applied Tuesday 9/16/08. Please be advised that LEH continues to be listed on the New York Stock Exchange. Please also be advised that LEH preferreds continue to be listed and traded on the New York Stock Exchange.
In order to allow customers to cancel existing orders in the NYSE's system, LEH will remain active until close of business today at which time the NYSE will cancel any remaining orders in this symbol. Starting tomorrow all orders in this symbol will be routed to NYSE Arca with NYSE Arca pricing applied.
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Category: Operations, Securities
The New York Stock Exchange (NYSE) has announced the following in connection with today's market news and conditions with respect to Lehman Brothers. Lehman Brothers Holdings Inc. (“LBHI”) announced today that it intends to file a petition under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York. None of the broker-dealer subsidiaries or other subsidiaries of LBHI will be included in the Chapter 11 filing and all of the broker-dealers will continue to operate.
Lehman Brothers continues to be a member firm and a listed company of the New York Stock Exchange until further notice.
Trading of Lehman Brothers Stock
The stock of Lehman Brothers Holdings (LEH) is being traded today on NYSE Arca as of 4:00 a.m.
Lehman Specialist Unit
Effective immediately, Goldman Sachs will be assuming responsibility for NYSE-listed securities in which Lehman Brothers MarketMakers, a division of Lehman Brothers, has served as the specialist. Lehman specialist staff and technology will remain in place, and Goldman Sachs will oversee staff, trading and risk management.
Goldman Sachs will also be responsible for clearing activity of the Lehman specialist unit in these securities going forward.
This arrangement will remain in place until a more permanent alternative can be arranged. We will keep you apprised of further developments as we work to ensure a smooth transition as well as fair and orderly markets in all NYSE-listed securities.
Additional
NYSE Rule 48 is in effect today: pre-opening indications are not required.
Category: Operations, Securities
The NYSE continues to actively monitor trading in FNM and FRE and their related securities. These issues will continue to be listed, traded, and quoted on the NYSE as the primary market on Wednesday, 10 September 2008.
We will issue a separate notice regarding trading on Thursday, 11 September 2008, after Wednesday's close.
Category: Operations, Securities
The NYSE continues to actively monitor trading in FNM and FRE and their related securities. These issues will continue to be listed, traded, and quoted on the NYSE as the primary market on Tuesday, 09 September 2008.
We will issue a separate notice regarding trading in these securities on Wednesday, 10 September 2008, after Tuesday's close.
Category: Operations, Securities
New York, Sept. 8, 2008 - The New York Stock Exchange (NYSE) announced that the common and related preferred stock of Fannie Mae (ticker symbol FNM) and Freddie Mac (ticker symbol FRE) will be halted news dissemination during the pre-market and available to all markets for trading at 9:30am (EST) on the morning of Monday, Sept. 8, 2008 due to U.S. federal regulators action related to Fannie Mae and Freddie Mac. (Full list of securities affected by the halt are listed at the end of this posting).
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Category: Operations, Securities
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
Category: Operations, Traders
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
Category: Operations, Trading Floor
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).
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Category: Operations, Product News
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
Category: Operations, Securities
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
Category: Operations, Traders
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
Category: Operations, Product News
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
Category: Operations, Product News