NYBX has been approved by the SEC to offer the NYBX IOC Order that allows participants to interact with NYBX and NYSE liquidity on an IOC basis.

Previously, the NYSE announced a new optional auto-cancel upon disconnect service within our Common Customer Gateway (CCG) which will allow member firms to configure their CCG connections to automatically cancel all open day orders if the firm’s FIX session disconnects from CCG by providing two additional FIX Tags in the session Logon message. This new service will be activated on Friday, December 3, 2010.

Previously, the NYSE announced upcoming enhancements to the “Done for Day” firm subscription service which will immediately return unsolicited “UROUT” messages as each individual symbol is closed and all closing reports have been disseminated for the trading day. This enhancement will be activated Monday, November 29, 2010.

The NYSE will be introducing a Binary Common Customer Gateway that is designed to be a new strategic entry point into the NYSE and NYSE Amex market centers for customers wishing to transact using a new optional order entry method protocol, UTPDirect. This new, faster protocol reduces bandwidth and latency by using smaller messages than a standard FIX message with minimal internal message translation.

On or about October 18th, the NYSE will introduce two new Displayed Liquidity Indicator (DLI) values to represent over 100 round lots (10,000 shares) and over 200 round lots (20,000 shares) displayed.

Original notification of the DLI was issued on March 10, 2010 and at that time values 0-4 were defined. The two new values of 5 and 6 will represent 100-200 round lots (10,000 to 19,999 shares) and equal to or greater than 200 round lots (20,000 shares) respectively.

The attached notification includes values for FIX Tags and the Merged Order Log Output.
NYSE Trading Technology Information Memo – Displayed Liquidity Indicators

To provide member firms with greater flexibility in managing their customer orders, the NYSE will be introducing a new optional auto-cancel upon disconnect service within our Common Customer Gateway (CCG) SM. At the member firm’s request, a FIX session can be configured to automatically cancel all open day orders if the firm’s FIX session disconnects from CCG by providing two additional FIX Tags in the session Logon message.

Previously, the NYSE introduced a new “Done for Day” Firm subscription service that allowed subscribed Firm mnemonics to receive an unsolicited “UROUT” end of day message for all unexecuted “Day” orders at a designated cutoff time. Expanding upon this initial implementation, the NYSE would like to announce that we are in the process of enhancing this service to immediately return unsolicited “UROUT” messages as each individual symbol is closed and all closing reports have been disseminated for the trading day. This enhancement will allow you to begin to receive the status for all your open orders shortly after the market has closed.

In support of the SEC amendments to Rules 200(g) and 201 of Regulation SHO, otherwise known as the SEC Alternative Uptick Rule, the NYSE and NYSE Amex will re-introduce Sell Short Exempt as a valid order type. The NYSE and NYSE Amex will begin accepting Sell Short Exempt orders on the effective date of the Rules, currently set for November 10, 2010. Sell Short Exempt orders sent prior to this date will be rejected, as they are today.

Customers are reminded that the NYSE will begin passing a new user-defined FIX Tag (Tag <9426> BillingRate) on all execution reports in support of the new NYSE Displayed Liquidity Indicators. Customers will begin to see this new optional Tag on execution reports, which will contain all existing Billing Indicator information or Away Market execution values.

Effective May 3, 2010, pending SEC filing, NYSE and NYSE Arca are making the below changes to their equities trading schedules. Highlights include higher rebates for NYSE clients, floor traders and SLPs and new NYSE Arca fees for routing to NYSE
For a complete listing of the new fee schedule, see below.
NYSE
• For customers, the pricing structure for trading in NYSE-listed (Tape A) securities will be a rebate of $0.0013 per share for adding liquidity, and a fee of $0.0021 per share for removing liquidity.
• For floor brokers, there will be a rebate of $0.0015 per share for adding liquidity and a fee of $0.0021 per share for removing liquidity.
• For SLPs with an average daily share volume per month of more than 10 million shares added and meeting quoting requirements, there will be a rebate of $0.0020 per share for adding liquidity. For all other SLPs, there will be a rebate of $0.0013 per share for adding liquidity. SLP executions at the close will be free.

To address customer feedback in response to feature limitations during the Super Broker System (SBS) deployment, the NYSE will implement software changes to accept Partial Round Lot (PRL) orders in the SBS environment. All existing BBSS PRL functionality will remain unchanged with one exception: single action Cancel with Replacement orders containing a PRL quantity (original or replacement) will not be functional during the transition.

Pending SEC approval, the NYSE will introduce - on a date to be announced - a new Closing Offset (“CO”) order that will participate in the closing trade on the opposite side of any imbalance. The introduction of the CO order is part of a comprehensive change to the Closing procedures described in the appended rule filings, which include changes to the time parameters governing submission and cancellation of MOC/LOC orders.

Effective October 1, 2009, NYSE Amex equities will increase the liquidity-providing rebate for all customers to $0.0030 per share from $0.0015 in securities priced above $1, including displayed and non-displayed orders. The take rate for removing liquidity remains $0.0025. In addition to receiving a higher rebate, posted customer orders have a strong chance of first execution given our aggressive liquidity takers and the benefits of a parity market. The inverted pricing plan will be in effect for a minimum of three months.

If you have questions please contact your Relationship Manager.
Inverted Pricing Special Memo

In response to member firm's requests, and as part of the NYSE’s deployment of the Super Display Book (SDBK), an expanded Account Field was implemented with plans to pass that tag back to firms on all CCG responses. As previously announced in the August 7, 2009 Trader Update, the NYSE will activate functionality to pass the Account Field back to firms on Monday, September 14, 2009.

As previously communicated in the March 5, 2009 Trader Update and in the February 2, 2009 Trading Technology Information Memo, as part of the NYSE's deployment of the Super Display Book (SDBK) database and in response to member firm's requests, an expanded Account Field was implemented with plans to pass that tag back to firms on all CCG responses once the deployment was complete. The NYSE plans to complete deployment of the SDBK database on all NYSE and NYSE Amex securities by mid-August and will activate flags to pass the Account Field back to firms on Monday, September 14, 2009.

Today, customers receive two different billing indicators for Odd Lot Executions. The NYSE will return either a Blended or a Closing Blended liquidity indicator for Odd Lot Executions, depending on [+]whether the execution takes place during the trading day or in the closing auction. On this coming Monday, August 3rd, the NYSEs enhanced billing structure to provide a single liquidity indicator for all Odd Lot and Odd Lot portions of a PRL will go live.

Trading Technology Billing Indicator Notice

Currently, the NYSE Exchange systems limit the maximum order size to 6.5 million shares for both the Display Book® (DBK) and the Broker community. The NYSE plans to increase the maximum allowable order size to 99,999,900 shares for any order routed directly to the NYSE eBrokerTM handheld from a proprietary OMS. Orders routed directly to either DBK or NYSE BBSS® will continue to be restricted to the current 6.5 million shares maximum order size.

As previously announced, the NYSE will introduce a new subscription service on a Firm mnemonic basis that will return an unsolicited end of day “UROUT” message for all unexecuted “Day” orders sent to SDBK. The below notice describes the technical changes required in order to support this new service. We anticipate this service will be available for most symbols in the September ’09 timeframe. A future notification will provide the details and contact information on how to activate this new service. Member Firms are being advised in advance so they can prepare for this change.

Trading Technology Information Memo

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.

Effective Monday June 22, 2009, to improve the transparency of the closing process, the NYSE Closing Order Imbalance Information will include d-Quote interest using the maximum discretionary price that could be available on the close and pegging e-Quotes at their ceiling or floor price, beginning at 3:55 pm.

d-Quotes Imbalance Floor Memo

(UPDATE) Note: This new functionality is available in stocks that have been migrated to SDBK. This list of migrated stocks is available at: SDBK Security Rollout List

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.

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

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.

As previously communicated in prior client notices, the NYSE has completed its transition of Cash Equity order flow from CMS to CCG. Additionally, with the successful migration of NYSE Amex Options to the NYSE Arca trading platform, CMS will no longer be used for Options order flow. Effective start of business Monday, March 23, 2009 all CMS connections currently enabled for order flow will be decommissioned. Firms should ensure that their job streams are updated to reflect these changes and that their systems are not impacted.

For any questions, please contact your RM or our Service Desk at 1.866.873.7422.

Related Documents and Notifications:
December 10, 2008 - CCG Connectivity Update
October 1, 2008 - CCG Enhancements Release 2.1

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.

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).

As previously communicated on February 20, 2009, the NYSE will begin enhanced MOC/LOC handling on Monday March 9, 2009. This initiative is designed to attract stabilizing liquidity to listed issues with significant imbalances at the end of the trading day while ensuring automatic compliance with Exchange rules governing submission of MOC/LOC orders.

As previously announced, NYSE Euronext will be migrating NYSE and NYSE Alternext US cash equities from the SuperDOT® (SDOT) databases to a newly implemented Super Display Book (SDBK) database, providing significant improvements in performance and functionality. The migration will be a phased approach on a stock by stock basis beginning on or about Friday, March 13, 2009 in a limited number of stocks.

Today, all orders intended for the NYSE Broker Handheld (e-Broker™) on the NYSE trading floor must be routed through the Exchange’s order management system, NYSE BBSS®. Pending SEC approval, the NYSE will introduce a new service to allow orders to be routed directly to a Brokers wireless handheld device on the Trading Floor. This optional service will provide customers with greater choice, flexibility and redundancy when routing orders to a floor broker through the Common Customer Gateway (CCG).

See the attached NYSE Trading Technology Information Memo for additional information specifying FIX protocol changes that will support this new routing capability as well as additional details about the features and enhancements in the NYSE combined broker systems accompanying this new service. An NYSE Trader Update Notice will be sent once the anticipated SEC approval is received.

NYSE Trading Technology Information Memo

The New York Stock Exchange has rescheduled the introduction of enhanced MOC/LOC handling for March 9, 2009. In late December the NYSE postponed the original launch date to give all firms the ability to take advantage of the service. The NYSE will disable the current MOC and LOC blocks that member firms have previously added to their individual mnemonics the weekend prior to the March 9 launch.

Please note that there will be a change in how the Exchange Systems will handle cancel requests. Based on client feedback the Exchange will block all MOC/LOC cancel requests beginning at 3:50PM on all MOC/LOC orders entered before 3:40 PM and offsetting orders for previously published imbalances entered after 3:40 PM. Previously the Exchange Systems were going to begin blocking all cancel requests at 3:40 PM.

Attached is an updated memo highlighting the specifics of how the Exchange Systems will now handle MOC/LOC orders.

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.

NYSE Euronext and BIDS Holdings, L.P. today announced that the Securities and Exchange Commission has approved their joint filing to launch the New York Block Exchange (NYBX) on January 29, 2009. Designed to improve execution quality and access to block trading liquidity, NYBX is a 50/50 joint venture between the two companies and it will operate as a facility of the NYSE.

NYSE News Release

On Wednesday, January 7, 2009 NYSE MatchPoint will begin its drive for liquidity. Our goal is to establish the NYSE exchange facility as the central, neutral and primary utility for non-displayed liquidity. The NYSE dark pool exchange facilities of NYSE MatchPoint and soon-to-be-launched New York Block Exchange (NYBX) will help centralize liquidity for all investors.

The planned roll out of the previously announced enhancements to the handling of Market-on-Close and Limit-on-Close orders that was scheduled to begin this Monday, December 22, 2008 has been postponed to a later date. The Exchange has decided to delay the introduction of the order enhancement based on feedback we have received from our clients over the last week. The specific changes were originally announced in a detailed client communication on December 12, 2008.

The New York Stock Exchange is pleased to announce a significant enhancement to the current handling of Market-on-Close and Limit-on-Close orders. This initiative is designed to attract stabilizing liquidity to listed issues with significant imbalances at the end of the trading day while ensuring automatic compliance with Exchange rules governing submission of MOC/LOC orders.

As previously communicated in a prior client notice on November 21, 2008, the New York Stock Exchange will complete a reduction in CMS capacity by 50% effective for the beginning of trading on Thursday December 11, 2008. The Exchange now has over 70 firms connected to CCG and now receives approximately 90% of our daily order traffic through CCG connections.

CCG connectivity into the New York Stock Exchange continues to grow since our last client communication on September 29, 2008. We now have over 65 connected firms and continue to receive more than 78-80% of our daily order traffic through CCG. With the continued growth of CCG and as previously mentioned in the last client communication, where the Exchange announced a 33% reduction to CMS, the NYSE has a plan in place to reduce the current capacity in CMS by 50% on December 5, 2008. We will continue to further reduce capacity in CMS on a scheduled basis, until the full decommission of CMS is completed.

In order to better serve our customers, the NYSE System Status & NYSE Trader Updates messaging platform was recently enhanced with several new features. We have added a subscription manager on nyse.com which allows for all our customers to customize their subscription preferences by opting in and out of individual categories of messages; more detailed subject lines for easy identification of content in emails and RSS feeds, and finally better views of all types of messages on nyse.com through the addition of category filtering.

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).

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.

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.

As previously reported CMS will be decommissioned December 31st, 2008, and new CMS lines will no longer be accepted after October 3rd, 2008. One of the last CMS releases is targeted for cutover on October 7th, 2008. In fact CCG handles over 100 million orders and reports daily accounting for nearly 75% of all NYSE traffic. The next CCG software release is scheduled for cutover on November 3rd, 2008. The following new enhancements are described below so you can evaluate your internal systems changes and modify them accordingly. Or select this Information Memo link to get this same information as a document.: CCG 2.1 Notice

As previously reported, CMS will be decommissioned December 31st, 2008, and new CMS lines will no longer be accepted after October 3rd, 2008. This release is one of the last CMS releases and is targeted for cutover on October 7th, 2008. The following new enhancements are described below so you can evaluate your internal systems changes and modify them accordingly. Or select this Information Memo link to get this same information as a document.: www.nyse.com/pdfs/CMS43.90_Notice_100108.pdf

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.

The NYSE is pleased to announce that it will now rebate 100% of all market data revenue shared with FINRA members reported via the FINRA/NYSE Trade Reporting Facility (TRF) in Tape A (New York Stock Exchange), Tape B (American Stock Exchange) and Tape C (NASDQ Exchange) securities.
Rule Filing SR-NASD-2007-031

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).

An enhancement has been implemented on the NYSE Euronext CMS testing platform that will enable member firms to test the Liquidity Take/Provide Billing Codes. For details and support information see the Member Firm Notification regarding New Execution Report Billing Indicators.
Trading Technology Information Memo

The NYSE has filed with the Securities and Exchange Commission to modify the current operational conditions that govern the way specialist's provide price improvement to an order. The Exchange expects that this amendment will prove beneficial for customers sending orders to the Exchange through added liquidity, increased price improvement frequency and even further decreased effective spreads.
Rule Filing SR-NYSE-2007-81

In the 1st half of 2007 the NYSE implemented systems and infrastructure changes that reduced order flow latency within NYSE Trading Systems from approximately 290 milliseconds to approximately 10 milliseconds. As part of the NYSE’s continuing commitment to reduce latency for all messaging, order flow and executions, the next system enhancement will be the implementation of a Common Customer Gateway (CCG) for interfacing to the NYSE Trading Systems, currently scheduled for the 4th quarter of 2007. This announcement provides an overview of the CCG and of the current rollout schedule, as well as an FAQ covering key aspects of the project.
Trading Technology Information Memo

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