News Releases

 
NYSE to Extend, Expand Temporary Easing of Continued-Listing Standards
 
Extends Temporary Lowering of Average Global Market Cap. Standard to $15mln to June 30

Temporarily Suspends its $1 Minimum Price Requirement

NEW  YORK , Feb. 26, 2009 – NYSE Euronext announced today that the New York Stock Exchange will extend until June 30, 2009 the temporary lowering of its market-capitalization standard for listed companies.  Through the same period, the NYSE also will suspend the application of its stock-price criteria.  Today’s action reflects the Exchange’s determination that suitable companies should remain listed during the current period of unusual market volatility and decline.

“The overall market downturn has only deepened since we first enacted the easing of our market-capitalization standard on Jan. 23, causing an even larger number of stocks to fall below our requirements,” said Scott R. Cutler, EVP and Head of Listings for the Americas  , NYSE Euronext.    “We are taking proactive measures to ensure that the stocks of NYSE-listed companies can remain listed in the current difficult market conditions, enabling them to be available to the investing public during this period.”   

Specifically, the NYSE is addressing two continued-listing requirements:

  • The NYSE on Jan. 23 temporarily changed to $15 million from $25 million the minimum global market capitalization required of listed issues.   This temporary change is now extended until June; it otherwise would have expired on April 22.

  • The Exchange is suspending until June 30, 2009, the application of its stock-price standard, which applies to stocks whose average closing price falls below $1 over a consecutive 30-day trading period.

While the Exchange’s filing submitted to the U.S. Securities and Exchange Commission (SEC) in connection with the adoption of this rule change is immediately effective, it is subject to a 30-day operative delay under SEC rules. The Exchange has asked the SEC to waive the operative delay and expects the SEC to take prompt action to effectuate that waiver.

Please click on the following link for the NYSE rule filing:

 SR-NYSE-2009-21; Filed: 02/26/2009. Proposal to provide temporarily relief from NYSE Continued Listing Standards.  (pdf)

About NYSE Euronext
NYSE Euronext (NYX) is the world’s leading, most liquid and diverse exchange group.  It offers a broad and growing array of financial products and services in cash equities, futures, options, exchange-traded products, bonds, market data, and commercial technology solutions, all designed to meet the evolving needs of issuers, investors and financial institutions.  Spanning multiple asset classes and six countries, NYSE Euronext’s exchanges include the New York Stock Exchange, Liffe, Euronext and NYSE Arca.  With more than 6,500 listed issues, more than any other exchange group, trading on NYSE Euronext’s equity markets represents more than one-third of the world's cash equities volume.  NYSE Euronext also manages the leading European derivatives exchange by value of 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.

# # #



See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting

Contact: Christiaan Brakman
Phone: 212-656-2094
Email:  cbrakman@nyx.com