|
|
NYSE Group Receives SEC Approval of Exemption to Trade Unlisted Debt Securities
-Adds Nearly 6,000 Bonds to Current Inventory of NYSE Traded Issues-
| | |
New York, Nov. 17, 2006 – NYSE Group, Inc. (NYSE: NYX) today announced that it has received the U.S. Securities and Exchange Commission’s (SEC) approval for exemptive relief from the provisions of section 12(a) of the Exchange Act of 1934 permitting NYSE members and member organizations to trade certain unlisted debt securities on the Exchange. As approved, the NYSE will be able to trade the corporate debt issues of all NYSE-listed equity issuers and their wholly-owned subsidiaries, allowing NYSE customers to access nearly 6,000 additional bonds compared to approximately 1,000 today.
“The NYSE Group is very pleased with the SEC’s approval of this exemption,” said John A. Thain, NYSE Group CEO. “By adding a substantial number of fixed income issues to our current inventory, we can now offer our customers and investors in the fixed income marketplace the NYSE’s unique transparency and cost effective trading in the debt related securities of many of the great companies listed on the NYSE. This represents a major step in our goal of creating the world’s leading multi-asset class marketplace offering the broadest array of products and services under one umbrella.”
Pending SEC approval of a separate rule filing, the NYSE Group plans to launch its newly-developed fixed income trading platform, NYSE BondsSM. Utilizing the design of NYSE Arca’s all-electronic trading platform, NYSE Bonds will provide investors with increased transparency, and highly efficient and cost effective automatic order executions for corporate debt issues trading on the Exchange. Primarily serving retail trading in corporate bonds, NYSE Bonds maintains and matches orders on a strict price and time priority basis and reports quotations and trade prices on an absolute real-time basis.
For more information on NYSE BondsSM including a complete directory of bonds, delayed prices, a list of most actively traded issues and a detailed glossary, please visit: http://www.nyse.com/bonds
About NYSE Group, Inc.
NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca, Inc. (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. In the third quarter of 2006, on an average trading day, 2.2 billion shares, valued at $80.1 billion, were traded on the exchanges of the NYSE Group.
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. On September 30, 2006 , the operating companies listed on the NYSE represented a total global market capitalization of $23.0 trillion.
NYSE Arca operates NYSE Arca, Inc., 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, Inc. is also an exchange for trading equity options. NYSE Arca’s trading platforms 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
Certain statements in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on NYSE Group’s current expectations and involve risks and uncertainties that could cause NYSE Group’s actual results to differ materially from those set forth in the statements. There can be no assurance that such expectations will prove to be correct. Actual results may differ materially from those expressed or implied in the forward-looking statements. Factors that could cause NYSE Group’s results to differ materially from current expectations include, but are not limited to: NYSE Group’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Group’s Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Group that the projections will prove to be correct. NYSE Group undertakes no obligation to release any revisions to any forward-looking statements.
|