NYSE PLANS TO ROLL OUT NEW ELECTRONIC ENTRY RESERVE ORDERS

Posted March 28, 2008

NEW YORK – NYSE Euronext plans to introduce two new types of reserve orders for electronic entry on the New York Stock Exchange.

“This is about providing our customers with greater choice and flexibility in how they access our market,” says Lawrence Leibowitz, Executive Vice President, US Markets and Global Technology. “We’re continuing to advance the NYSE market model by focusing on our clients’ interests and developing new solutions such as Reserve Orders to serve their needs.” 

Subject to Securities and Exchange Commission (SEC) approval, the NYSE plans to introduce reserve orders in two phases. In the first phase, reserve orders will have a minimum published or “displayed” amount of 100 shares, to be displayed on the NYSE trading floor and on NYSE OpenBook. In the event of a manual trade, these orders will have trade-through protection on the trading floor. In the second phase, block reserve orders will be included on NYSE OpenBook, and an alternative version will be available with no displayed amount and ineligible for inclusion in floor-based trades or trade-through protection.

The NYSE expects to begin rollout of the first phase in the second quarter of 2008 with a 100-stock pilot, pending SEC approval.