For member firms, the Exchange currently offers four crossing sessions in its Off-Hours Trading Facility (OFHT).
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Time of Operations |
Functionality |
| Crossing Session I |
4:15 - 5:00 p.m. |
Match single stock orders at closing price |
| Crossing Session II |
4:00 - 6:30 p.m. |
Trade baskets of a minimum of 15 stocks valued at least $1 million |
| Crossing Session III |
4:00 - 6:30 p.m. |
Execute guaranteed price trades |
| Crossing Session IV |
4:00 - 6:30 p.m. |
Execute VWAP trades |
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On the early-closing dates of July 3 and November 23, 2007, the Trading Floor will close at 1:00 p.m. Crossing Session I order entry will begin at 1:15 p.m. with order executions at 1:30 p.m., and Crossing Sessions II, III and IV orders will be accepted beginning at 1:00 p.m. for continuous executions until 1:30 p.m. on these dates.
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| Crossing Session I (Single Stocks) |
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Enables members to enter one-sided, two-sided, or good-til-executed (GTX) orders for a particular stock into the SuperDot system for execution at 5 p.m. Matched orders are executed at the NYSE closing price determined during the Exchange's 9:30 a.m. to 4:00 p.m. trading session and are printed on the Consolidated Tape. Member Firms receive reports at 5:00 p.m.
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| Crossing Session II (Program Trades) |
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Accommodates the trading of baskets of at least 15 NYSE securities valued at $1 million or more. Members that have either facilitated a basket trade or have paired two customers' baskets can submit aggregate information to the Exchange for execution.
Reports of execution are available via the web-based electronic platform (EFP) shortly after the trade is entered. At 6:30 p.m., the NYSE prints the aggregate information of all baskets executed in this session to the consolidated tape.On the third day after the trade date (T+3), individual component stocks executed as part of a basket trade are printed in aggregate form in the NYSE Daily Sales Report.
On July 22, 2007, the NYSE's Crossing Session II reached a new record volume of 1.4 billion shares traded.
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| Crossing Session III (Guaranteed Price Trades) |
Executes “guaranteed price” trades (also known as “upstairs stops”) for member firms' institutional customers. The member firm must record all details of the order, including the price at which it has guaranteed, or “stopped,” its customer.
Trades may take place at prices outside the 9:30 a.m. to 4:00 p.m. trading range of the recorded security. Member firms receive an immediate report of execution upon entering a trade for this session. At 6:30 p.m., the Exchange will print trades reported through Crossing Session III as guaranteed-price coupled trades. Crossing session III debuted on June 15, 2004. |
| Crossing Session IV (VWAP Trades) |
Executes trades at a price that is not pre-determined, but is calculated to ensure that the entire order is filled at a price no worse than the volume weighted average price (VWAP). Member firms may use this session for trades that are full-day VWAP orders or for trades that are designated VWAP for a specific period of time.
Trades can be priced up to four places to the right of the decimal. Member firms receive an immediate report of execution upon entering a trade for this session. At 6:30 p.m., the Exchange will print trades reported through Crossing Session IV as VWAP executions. Crossing Session IV debuted on June 15, 2004. |
