New York, April 5, 2006 – The New York Stock Exchange today announced the completion of the first phase of the NYSE Hybrid MarketSM implementation program with the addition of 2,703 NYSE-listed issues in the past two days. The close of Phase I marks a significant step in the Hybrid Market’s implementation program and the ongoing integration of new features and functionality.
By providing greater customer choice in order-execution services, the NYSE Hybrid Market expands customers’ ability to trade instantaneously with certainty and anonymity without sacrificing the price improvement and market quality of the floor-based NYSE auction market.
Phase I, which began on Dec. 15, 2005, successfully introduced features such as e-Quotes, c-Quotes, s-Quotes, g-Quotes, reserves and layering of quotes among other functionality. Phase II implementation will begin shortly. By the conclusion of Phase II, specialists will have the ability to systemically narrow spreads and electronically provide price improvement for the first time. These and other enhancements will provide the trading floor community with the tools necessary to improve market quality electronically and at the point of sale. Additional Phase II details are forthcoming.
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