News Releases

 
NYSE Arca Announces New Equities Pricing, Effective May 1
--Introducing rebates for non-displayed Mid-Point Passive Liquidity orders in NYSE-listed securities--
--Further tightening “post/take” spread in NYSE-listed securities--

New York and Chicago, April 22, 2008 – NYSE Arca, a subsidiary of NYSE Euronext (NYX), today announced new transaction pricing, effective May 1, 2008, that will feature rebates for non-displayed orders and a new “post/take” rate combination for active customers in NYSE-listed (Tape A) securities. These changes follow recent price changes on April 1, 2008 , when NYSE Arca introduced highly competitive fees for active traders in NASDAQ-listed (Tape C) securities as well as better rates in NYSE-listed securities and on NYSE Arca Options.

"The new NYSE Arca pricing provides even more benefits to high volume customers, and the MPL order type is a useful alternative to dark pools,” said Lawrence Leibowitz, Group Executive Vice President, U.S. Execution and Global Technology.  “In addition to anonymity and price improvement, MPLs offer better fill rates due to unique order interaction on one of the largest exchange liquidity pools.   Coupled with attractive rebates, this provides significant advantages over dark pools."

The new changes in NYSE Arca transaction pricing are as follows:

  • Rebates on non-displayed Mid-Point Passive Liquidity (MPL) orders—In NYSE-listed securities only, all customers will receive a rebate of $0.0010 per share for resting MPL orders, and customers that provide more than 30 million average daily share volume per month in NYSE-listed securities will receive a rebate of $0.0015 per share for resting MPLs.  The MPL order is an undisplayed limit order that offers price improvement to customers by executing at the mid-point of the National Best Bid and Offer (NBBO).

  • New price tier in NYSE-listed securities—In NYSE-listed securities, customers who provide 40 million average daily share volume per month receive a reduced take fee of $0.0029 per share as well as a higher rebate of $0.0028 per share. The routing fee for orders that meet this volume threshold will be $0.0008 per share for orders routed to the NYSE and $0.0030 per share for orders routed to other exchanges.

  • Eliminating rebate cap—Following the success of recent price changes, NYSE Arca will waive the rebate cap of 100 million daily average shares per month in NYSE-listed securities and 75 million daily average shares per month in Nasdaq-listed securities to further benefit active liquidity providers.

  • Passing on higher routing fees in Nasdaq-listed securities—In response to recent fee increases by Nasdaq, NYSE Arca will raise its routing fee in Nasdaq-listed securities from $0.0026 to $0.0029 per share for more active customers reaching volume tiers.

  1. In NYSE-listed securities, includes routing fee to the NYSE and other exchanges, respectively
  2. Mid-Point Passive Liquidity (MPL) is an undisplayed limit order that is priced at the mid-point of the Protected Best Bid and Offer (PBBO). MPL orders will generally interact with all order types including contra MPLs excluding: cross or directed orders. MPL orders will be entered as a limit order but are executable only at the mid-point of the NBBO. When the market is locked, eligible MPLs will trade at the locked price. MPLs have a minimum entry and execution size of 100 shares.

 

About NYSE Euronext
NYSE Euronext (NYX) operates the world’s leading and most liquid exchange group, and seeks to provide the highest levels of quality, customer choice and innovation. Its family of exchanges, located in six countries, includes the New York Stock Exchange, the world's largest cash equities market; Euronext, the Eurozone's largest cash equities market; Liffe, Europe's leading derivatives exchange by value of trading; and NYSE Arca Options, one of the fastest growing U.S. options trading platforms. NYSE Euronext offers a diverse array of financial products and services for issuers, investors and financial institutions in cash equities, options and derivatives, ETFs, bonds, market data, and commercial technology solutions. NYSE Euronext's nearly 4,000 listed companies represent a combined $27.3 / €17.3 trillion in total global market capitalization (as of March 31, 2008 ), more than four times that of any other exchange group. NYSE Euronext's equity exchanges transact an average daily trading value of approximately $169.6 / €113.2 billion (as of March 31, 2008 ), which represents more than one-third of the world's cash equities trading. NYSE Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index.

Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext's plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext's results to differ materially from current expectations include, but are not limited to: NYSE Euronext'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 Euronext’s reference document for 2006 ("document de référence") filed with the French Autorité des Marchés Financiers (Registered on June 6, 2007 under No. R.07-0089), 2007 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. 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 Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.

 

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Contact: Eric Ryan
Phone: 212.656.2411
Email:  eryan@nyse.com