It's been a historic second quarter for the NYSE, with the appointment of our first female President, Stacey Cunningham, in our 226 year history. Many of you may know that Stacey began her career as a market maker on our trading floor. Most recently, she was our Chief Operating Officer and Head of our Transaction Businesses, with oversight of Exchange Traded Products. It's exciting to have such a strong advocate for our industry at the helm of our organization leading us into the future.
This past quarter has seen tremendous growth in AUM and new launches in our ETF franchise. We were pleased to add 28 new products to the market, and welcome to two new issuers to our community: Pacer and PGIM.
It was fantastic to host 200 members of the ETF community at our semi-annual ETF Summit held in May, which focused on Actively Managed ETFs, both fully transparent as well as the various proposed non-transparent structures. As our industry evolves, we aim to keep you at the forefront of innovation impacting our industry. Thank you to everyone who attended and I encourage your feedback to make the next summit just as impactful on your business strategy.
We stand ready to support your growth and success during a dynamic time, so please reach out to the team if we can be helpful.
On June 4, 2018, the NYSE implemented its new process to set a new Official Closing Price ("OCP") for Exchange Traded Products. The new Official Closing Price is now derived by adding a percentage of the time-weighted average price ("TWAP") of the National Best Bid and Offer (NBBO) midpoint and a percentage of the last consolidated trade, before the scheduled close of trading on that trading day. This change has enabled us to set a better closing price, especially for products that are not actively traded.
This patent pending process is already delivering a better outcome for NYSE-listed ETFs. Only around a third of listed ETFs have daily trading activity in their closing auction. Now, with our new process, the balance of NYSE-listed ETFs receive an official closing price that better reflects their true market value, regardless of daily trading volume.
At the New York Stock Exchange, we operate four distinct equities markets to meet the needs of different types of issuers and investors. NYSE Arca had historically been our single marketplace for listing and trading exchange traded products, while the NYSE has been the premier listing venue for large corporate issuers for over 226 years. This April, history was made when we expanded trading on the NYSE to the full universe of U.S. listed securities, including all ETFs. Investors can now trade exchange traded funds on four of NYSE's markets: NYSE, NYSE Arca, NYSE American and our newest exchange, NYSE National.
ETF Highlights Video
Interested in listing at NYSE?