·Pilot to be Extended to all NYSE-Listed Securities
·New Customer Choice, Functionality and Increased Access to Liquidity
NEW YORK, Mar. 22, 2006 -- The New York Stock Exchange today received approval from the Securities and Exchange Commission to begin full implementation of its Hybrid MarketSM initiative. Designed to offer customers greater choice in order-execution services, the NYSE Hybrid Market expands customer ability to trade instantaneously with certainty and anonymity without sacrificing the price improvement and market quality of the floor-based NYSE auction market.
"We welcome the SEC's approval of the Hybrid Market and the opportunity to move into the next phase of development," said NYSE Group Chief Executive Officer John A. Thain. "The Hybrid Market will increase efficiencies by marrying the best of electronic trading and the auction market. We will better accommodate our customers’ diverse trading strategies by giving them new choices in order execution to access our superior prices and market liquidity. Greater choice in our marketplace benefits all customers, from the smallest investors to the largest institutions.”
Maintaining the Exchange’s ability for price improvement across all its order-execution options, the NYSE Hybrid Market will provide customers with choices that include sub-second automated, anonymous transactions for NYSE-listed stocks or the opportunity to have orders represented in the auction market with the benefits of human judgment and accountability at the central point of sale.
This SEC approval allows the Exchange to advance the Hybrid Market implementation program, which currently includes 154 listed companies and incorporates advanced trading technology for floor brokers and specialists, to all member firms representing customer orders in all NYSE-listed stocks. Phase I, which began on Dec. 15, 2005, successfully integrated features such as e-Quotes, c-Quotes, s-Quotes, g-Quotes, reserves and layering of quotes among other functionality. Phase II will follow shortly after full implementation of Phase I with exact implementation timeframes announced separately.
The Exchange is actively engaged in working with customers and the trading floor community to continue to further refine the Hybrid Market platform and develop new features that further augment brokers and specialists’ ability to add value and improve market quality in the NYSE marketplace.
About NYSE Group, Inc.
The NYSE is the world’s largest and most liquid cash equities exchange. The NYSE provides a reliable, orderly, liquid and efficient marketplace where investors buy and sell listed companies’ common stock and other securities. Our listed operating companies represent a total global market capitalization of over $22.5 trillion. In January and February 2006, on an average trading day, over 1.8 billion shares, valued at over $69 billion, were traded on the NYSE.
NYSE Arca is the first open, all-electronic stock exchange in the United States and has a leading position in trading exchange-traded funds and exchange-listed securities. NYSE Arca is also an exchange for trading equity options. NYSE Arca’s trading platform links traders to multiple U.S. market centers and provide customers with fast electronic execution and open, direct and anonymous market access.
NYSE Regulation, an independent not-for-profit subsidiary, regulates member organizations through the enforcement of marketplace rules and federal securities laws. NYSE Regulation also ensures that companies listed on the NYSE and NYSE Arca meet their financial and corporate governance listing standards.
For more information on NYSE Group, go to: www.nyse.com
Cautionary Note Regarding Forward-Looking Statements