CHICAGO, April 19, 2006 – NYSE ArcaSM (formerly known as the Archipelago Exchange, or ArcaEx®), the nation’s first totally open, all-electronic stock exchange, successfully implemented a new Tracking Limit order type for OTC stocks and plans to introduce Good-Till-Cancelled (GTC) orders, for the trading of OTC and Listed securities in mid-April.
“From simple to more sophisticated, we have always focused on offering the trading community a wide range of order types designed to meet the needs of a diverse client base,” said Mike Cormack, Executive Vice President, NYSE Group. “We continuously obtain feedback from our clients so that we can create tools that add real value and bring efficiencies to the marketplace.”
The NYSE Arca trading platform now accepts Tracking Limit orders in OTC securities during its Core Trading session from 9:30 am ET – 4:00 pm ET. With this innovative order type, NYSE Arca clients can interact with and provide supplemental liquidity for orders that would otherwise be routed to another market for execution. A tracking order is not displayed and will be matched at the national best bid or offer only when the size of the tracking order is equal to or exceeds the contra order size.
Later this month, NYSE Arca is scheduled to begin accepting Good-Till-Cancelled (GTC) orders in OTC and Listed securities, offering clients a more convenient, less time consuming means of order entry. GTC orders will remain in the NYSE Arca Book until they are executed, cancelled or for one year.
For complete information on these and all other NYSE Arca order types, please visit the NYSE Arca website at: http://www.nysearca.com/.
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 $22.9 trillion. For the period from January 2006 through March 2006, on an average trading day, over 1.7 billion shares, valued at over $65 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