New Data Products to Enhance Transparency and Speed of the New York Stock Exchange
-- OpenBookUltra Offers Lower Latency, More Content and Functionality --
-- NYSE Order Imbalances Improves Auction Transparency --
NEW YORK, May 29, 2008 -- NYSE Euronext will introduce two new data products – NYSE OpenBook Ultra and NYSE Order Imbalances – that will significantly enhance the transparency of the New York Stock Exchange with a combination of more information, faster speed and other benefits for customers.
“These products provide traders with new insight into what’s happening in the market, and they deliver that information with sub-millisecond speed and with innovative features that make the data even more valuable,” said Mark Schaedel, Vice President, NYSE Data Products.
NYSE OpenBook Ultra, a value-added version of NYSE OpenBook, will offer lower latency and additional content and functionality. It will be made available on June 2 to current NYSE OpenBook customers, for no additional fee.
With sub-millisecond latency, NYSE OpenBook Ultra updates with every limit-order book event, such as orders, executions and cancellations (compared with NYSE OpenBook Real-time, which updates every second) and includes orders originating from NYSE specialists and floor brokers as well as NYSE customers outside the trading floor.
An innovative “self-healing” format eases recoverability in the event of missed messages. The current state of the book is maintained with each update, allowing customers to easily pick up where they may have left off and move forward without having to process what they may have missed.
Reason codes provide details about why each book update is made (i.e., traded, cancelled);
Trade Link IDs enable customers to link removed interest to a trade print or an InfoTools message;
OpenBook Ultra also provides the number of orders at each price point;
Microsecond timestamp resolution, enabling better precision in trading strategies.
NYSE Order Imbalances: More Information at Critical Times of the Trading Day
NYSE Order Imbalances will provide customers with rich information in advance of the NYSE’s opening and closing auctions. This will help traders better manage their executions strategies at those critical points of the trading day, and also further strengthen the quality of the auctions. Order Imbalances will be made available to NYSE OpenBook customers starting July 1.
Order Imbalances will include the following information: time (in milliseconds); symbol; side of the imbalance (buy/sell); paired quantity; imbalance quantity; and reference price (last sale).
Opening imbalances will be disseminated every 5 minutes between ; every minute between ; and every 15 seconds between and the open (or , whichever comes first). Closing imbalances will be disseminated every 15 seconds between and every 5 seconds between and the close.
Testing for NYSE OpenBook Ultra is currently available to any NYSE OpenBook customer connected to the SFTI Network.
NYSE Order Imbalances testing on an intraday basis is currently available through June 6. Regular Tuesday and Thursday night testing will be available after June 6 and continue through the July 1 launch of Order Imbalances.
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 $ 30.9/ € 19.8 trillion in total global market capitalization (as of April 30, 2008 ), more than four times that of any other exchange group. NYSE Euronext's equity exchanges transact an average daily trading value of approximately $161.9 / €106.9 billion (as of April 30, 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. For more information, please visit www.nyx.com.
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 2007 (“document de référence”) filed with the French Autorité des Marchés Financiers (Registered on May 15, 2008 under No. R. 08-054), 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.