NYSE Euronext Announces New Enhancements to NYSE Arca Equities Trading Technology
-Provides Customers with Greater Functionality and New Innovative Order Types-
NEW YORK , July 10, 2009 – NYSE Arca, the all-electronic U.S. equities exchange of NYSE Euronext (NYX), today announced the launch of four Self-Trade Prevention (STP) modifiers for NYSE Arca equities customers. Designed to prevent unintended interaction between the same Exchange Traded Permit IDs (ETP ID), STP modifiers allow customers to voluntarily restrict their orders from executing with their same ETP ID.
“Through these modifiers we have further enhanced NYSE Arca’s trading technology to allow customers to utilize our market even more efficiently,” said Paul Adcock , NYSE Arca Executive Vice President. “This smart order handling functionality is just another illustration of NYSE Euronext’s dedication to creating a highly efficient and competitive marketplace for all participants.”
The new technology will include the following modifiers:
STP Cancel Newest (STPN)
An incoming order marked with the STPN modifier will not execute against opposite side resting interest marked with any of the STP modifiers from the same ETP ID. The incoming order marked with the STPN modifier will be cancelled back to the originating ETP ID. The resting order, which otherwise would have interacted with the incoming order by the same ETP ID, will remain on the NYSE Arca Book.
STP Cancel Oldest (STPO)
An incoming order marked with the STPO modifier will not execute against opposite side resting interest marked with any of the STP modifiers from the same ETP ID. The resting order, which otherwise would have interacted with the incoming order by the same ETP ID, will be cancelled back to the originating ETP ID. The incoming order marked with the STPO modifier will remain on the NYSE Arca Book.
STP Decrement and Cancel (STPD)
An incoming order marked with the STPD modifier will not execute against opposite side resting interest marked with any of the STP modifiers from the same ETP ID. If both orders are equivalent in size, both orders will be cancelled back to the originating ETP IDs. If the orders are not equivalent in size, the equivalent size will be cancelled back to the originating ETP IDs and the larger order will be decremented by the size of the smaller order with the balance remaining on the NYSE Arca Book.
STP Cancel Both (STPC)
An incoming order marked with the STPC modifier will not execute against opposite side resting interest marked with any of the STP modifiers from the same ETP ID. The entire size of both orders will be cancelled back to originating ETP ID.
While ETP Holders may elect to add the STP modifiers to orders at the ETP ID level, modifiers must be present on both the buy and sell order in order to effect a cancel instruction. Also, incoming STP orders cannot cancel through resting orders that have price and/or time priority. All STP modifiers are in accordance with the Order Ranking and Display process pursuant to Exchange Rule 7.36.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With more than 8,000 listed issues, NYSE Euronext's equities markets -- the New York Stock Exchange, Euronext, NYSE Arca and NYSE Amex -- represent nearly 40 percent of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, the leading European derivatives business and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the S&P 100 index and Fortune 500. For more information, please visit: http://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 2008 (“document de référence”) filed with the French Autorité des Marchés Financiers (Registered on April 28, 2009 under No. R. 09-031), 2008 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.