As of February 28th, 2007 all equities and ETF products that trade in 100 share units will have been activated for Phase IV of the Hybrid Market. Securities will now be eligible to trade using the new Reg NMS Immediate or Cancel Order or the NYSE Intermarket Sweep Order. For additional information on this and other Phase IV features take a look at the Phase IV Overview or the Phase IV  Implementation Memo (pdf )
On April 2, 2007 the NYSE completed the rollout of Reg NMS routing capabilities to the NASD Alternative Display Facility (ADF) Participants and the International Securities Exchange (ISE). Please note that the NYSE routes to better priced top of book markets only, as required by Reg NMS. The NYSE routes to all better priced away markets using ISO IOC orders. The new routing service implemented with ADF/ISE routing will be used to route to all other market centers as well, starting later this month. The NYSE will complete its migration off the ITS system by early May as planned. Although the NYSE is fully compliant with Reg NMS routing requirements, firms are reminded that they remain responsible for Best Execution procedures. The NYSE strongly believes that the price and size of execution opportunities available on the Exchange through the Hybrid Market should be considered in connection with a best execution determination.
NYSE's handling of securities quoting in subpennies (pdf)
This document provides details regarding the changes associated with the Exchange's decision to quote and trade in penny increments only, and the adoption of a non-regulatory trading halt procedure in order to remain compliant with Regulation NMS in securities that are priced below $1.00 per share. The Exchange has implementing an approach to avoid any trading in a security at the Exchange when its price falls below $1.00 per share, while still permitting the security to remain listed so it can continue to be traded by other markets, including NYSE Arca, on an unlisted trading privileges (“UTP”) basis.
List of securities currently subject to the subpenny trading halt (pdf)
Liquidity Replenishment Points Value Table (pdf)
Effective start of day, Friday, February 9th, the value of all Liquidity Replenishment Points (LRPs) for eligible NYSE Securities will be set to the least restrictive values. This table provides the volume and pricing parameters which establish how each securities LRP is set in an LRP Volume "Bucket". Bucket placement is revaluated quarterly based on the Securities quarterly average daily volume performance during the preceding quarter.
More About Hybrid Market
NYSE Regulation NMS Order Types (pdf)
A one page reference summarizing key differences between types of Immediate and Cancel and Do Not Ship, or Intermarket Sweep Orders.
NYSE Completes Hybrid Market Phase III Activation (pdf)
Hybrid Market Performance & Execution Report provided at the conclusion of the Phase III rollout on January 24, 2007 .
NYSE Reg NMS Specifications
MFN for CMS 42.60 (10/13/06) | MFN for CMS 42.00 (4/12/06)
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