-Adds 300 More Issues for a Total of 363 Options Issues Trading in Pennies-
NYSE Euronextís U.S. Options Penny Pilot Expansion Filing Adopted by the SEC
-Represents Approximately 85% of the Volume in U.S. Options-
New York , Sept. 23, 2009 – NYSE Euronext (NYX) today announced that its proposal for the expansion of the Securities and Exchange Commission’s (SEC ) Penny Pilot program, filed by NYSE Arca options, has been approved for market-wide implementation by the SEC . The approval will extend the proposed pilot through December 31, 2010, including four quarterly additions to the pilot consisting of 75 issues each.
"Representing over 85% of the overall volume in U.S. options, this expansion of the penny pilot offers many benefits to the investing public, including increased transparency, improved price discovery and reduced spreads," said Paul Finnegan, Senior Director, NYSE Euronext U.S. Options. "By adding 300 new issues in a systematic fashion over a defined period of time, the endorsement of NYSE Euronext's proposal to allow for an appropriate expansion benefits the investing public while safeguarding the integrity of industry quoting activity. We are very pleased with the SEC’s decision and we look forward to offering our customers the highest levels of market quality and execution choice as this program is carefully rolled out."
Highlights of NYSE Euronext’s plan include:
- The addition of the next 300 most active issues into the program for a total of 363 issues
- The phase in of 75 issues on a quarterly basis: 10/26/2009, 1/25/2010, 4/26/2010, 7/26/2010
- Provides structure to replace delisted pilot issues on a semi-annual basis
- Excludes high priced underlying issues(>$200)
NYSE Arca options offers immediate, cost-effective electronic order execution in nearly 2,000 options issues. Combined with the re-launched NYSE Amex options exchange, NYSE Euronext’s distinct exchange models utilize hybrid systems that incorporate state-of-the-art open outcry trading facilities with an advanced electronic trading platform capable of processing 250,000 orders and 1,500,000 quotes per second with 2 millisecond acknowledgment (ACK) times. NYSE Euronext’s U.S. options exchanges present a compelling dual market structure offering customers the choice of price-time priority on NYSE Arca options or the traditional market-maker model and expanded array of services of NYSE Amex options.
For more information on NYSE Euronext’s U.S. Options exchanges, please visit: http://www.nyse.com/options
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: 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.