he foreign exchange markets isn't dominated by a single market exchange, but involves a global network of computers and brokers from around the world. Central banks use their massive buying and selling capabilities to alter exchange rates through their open market activities and in many cases will do so not with profit in mind, but rather for any number of policy reasons. Forex brokers act as market makers as well, and may post bid and ask prices for a currency pair that differs from the most competitive bid in the market.
Thursday, April 23, 2009
What Does Forex Market Mean?
The market in which participants are able to buy, sell, exchange and speculate on currencies. The forex markets is made up of banks, commercial companies, central banks, investment management firms, hedge funds, and retail forex brokers and investors. The currency market is considered to be the largest financial market in the world, processing trillions of dollars worth of transactions each day.
Tokyo Stock Exchange
The Tokyo Stock Exchange (東京証券取引所, Tōkyō Shōken Torihikisho?), or TSE, located in Tokyo, Japan, is the second largest stock exchange market in the world by market value, second only to the New York Stock Exchange. As of 31 December 2007, the the Tokyo Stock Exchange had 2,414 listed companies with a combined market capitalization of $4.3 trillion.[1]
Amex.com Website Integration
NYSE Euronext (NYX), the world's leading and most diverse exchange group, completed its acquisition of the American Stock Exchange® (Amex®), becoming the third-largest U.S. options marketplace and enhancing the company's leadership in ETFs, cash equities, closed-end funds and structured products.As a result, NYSE Euronext has begun to integrate amex.com content and data into the nyse.com website. Effective the close of business, Friday, January 16, 2009, amex.com will be phased out. NYSE website links for the most frequently accessed information and data on amex.com can be found below:
Stock.XCHNG,
Whether you just want to browse our huge image gallery or want to share your own photos with others, this is the site for you!Browse through the categories of our huge gallery containing over 350.000 quality stock photos by more than 30.000 photographers! Need a wallpaper for your desktop or illustration for your blog? Need a pic for your commercial website design? Looking for inspiration? Have a look around.Share your photos with fellow designers! SXC is a friendly community of photography addicts who generously offer their works to those who need them free of charge. If you have some nice photos that you'd like to share with others, join us! Not only it feels great to share, you will also get a huge exposure for your work!Chat with other members in our forum! Looking for something? Need an opinion? Have a question? Post a topic, and someone will definitely help you out.
Our his to Stock Exchangs
The London Stock Exchange is one of the world’s oldest stock exchanges and can trace its history back more than 300 years. Starting life in the coffee houses of 17th century London, the Exchange quickly grew to become the City’s most important financial institution. Over the centuries following, the Exchange has consistently led the way in developing a strong, well-regulated stock market and today lies at the heart of the global financial community.We are proud of our long history that has helped to build our reputation today. Here are some of the milestones in the story of the London Stock Exchange.1698John Castaing begins to issue “at this Office in Jonathan’s Coffee-house” a list of stock and commodity prices called “The Course of the Exchange and other things”. It is the earliest evidence of organised trading in marketable securities in London.1698Stock dealers are expelled from the Royal Exchange for rowdiness and start to operate in the streets and coffee houses nearby, in particular in Jonathan’s Coffee House in Change Alley.1720The wave of speculative fever known as the “South Sea Bubble” bursts.1748Fire sweeps through Change Alley, destroying most of the coffee houses. They are subsequently rebuilt.1761A group of 150 stock brokers and jobbers form a club at Jonathan's to buy and sell shares.1773The brokers erect their own building in Sweeting’s Alley, with a dealing room on the ground floor and a coffee room above. Briefly known as “New Jonathan’s”, members soon change the name to “The Stock Exchange”.1801On 3 March, the business reopens under a formal membership subscription basis. On this date, the first regulated exchange comes into existence in London, and the modern Stock Exchange is born.
Free Share Trading
Trade North American, European and Asia/Pacific shares and indices commission free, with 2% margin requirement. To receive a free demonstration version of our online trading software, please complete the form below. This software allows investors to trade and manage a demo account in real time over the internet, with 50,000 "demo dollar" account balance. Since no money is actually at risk, this is an excellent way to evaluate our software and trade execution.Live market prices stream into the trading software. Just click on a price to trade indices or shares - including S&P 500, Dow Jones Industrials, DAX 30, IBM, Vodafone, Microsoft, and many more.Comprehensive account-statements, real-time Account Balance tracking and live charts and quotes.Complete the form below to try a Free demo account now! Login instructions and Password will appear immediatelyCFD/Share Trading Demo Account RegistrationAccount Type:CFD AccountPlease select... Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Benin Bhutan Bolivia Bosnia Botswana Bouvet Island Brazil British Indian Ocean Territory Brunei Darussalam Bulgaria Burkina faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos Islands Colombia Comoros Congo Congo, The Democratic Republic of Cook Islands Costa Rica Cote d'Ivoire Croatia Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic East Timor Ecuador Egypt El Salvador Equatorial Guinea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana Gabon GambiaGeorgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guinea Guinea Bissau Guyana Haiti Heard Island and Mcdonald Islands Holy See (Vatican City State) Honduras Hong Kong Hungary Iceland India Indonesia Iran, Islamic Republic of Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakstan Kenya Kiribati Korea, Democratic People's Republic of Korea, Republic of Kuwait Lao People's Democratic Republic Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia, Federated States of Monaco Mongolia Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands Netherlands Antilles New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Northern Mariana Islands Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Reunion Romania Russian Federation Saint Helena Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and The Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and S. Sandwich Islands Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syrian Arab Republic Taiwan, Province of China Tajikistan Tanzania, United Republic of Thailand Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States of America Uruguay Vanuatu Venezuela Vietnam Western Sahara Yemen Yugoslavia Zambia ZimbabweDay Phone:Home PhoneNumber of Accounts:1 2 3 4 5(Bold indicates a required field.)
new exchange
Squared, One Market. Infinite Possibilities, NYSE Marketview, ARCAEX, Archipelago Integrated Book, Archipelago Exchange, Wave Securities, Everything Out In The Open, All St, Archipelago, Archipelago and Design, The Stock Exchange Luncheon Club, NYSE Energy Index, NYSE Financial Index, NYSE Sector Indexes, NYSE Health Care Index, NYSE Specialist Portfolio, Put The Whole World In Your Portfolio With One Trade, IXP, Smartbook, tradearca.com, At The Center Of Global Business, Multi-Bond, Luxnext, Opening New Horizons, Nextquote, Nexthistory, EMDS, EURONEXT.LIFFE GO FOR GROWTH, Nextwarrants, Tradecheck, Fast Path, Dailies, Smartpool, NYSE EURONEXT and Double Portal Design, Double Portal Design (Design Of Two Quadrilaterals In Blue), Smartpool, Euronext Alternext NYSE Euronext, Alternext, Nexttrack, Next Prime, Next Economy, X Euronext Go For Growth, Xeuronext, Euronext, Amsterdam Exchanges AEX, AEX, AEX - Index, CAC, Eurotop 100 Index, VCAC, Trans Atlantic Index, Nextcac 70, MATIF, Asia Next, US Next, Monep, CAC Next20, AMX, Next Prime Index, Euronext 100 Index, Next 150 Index, HybridTalk, A Refreshing New Way to Look at the Market, NYSE OrderFlow Powered by NYSE Ordertrac, Star Matrix, IDTALK, NYSE.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), 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.
About NYSE Euronext
NYSE Euronext (NYX) is the world’s most diverse exchange group, offering a broad and growing array of financial products and services in Europe and the United States that include cash equities, futures, options, exchange-traded products, bonds, market data, and commercial technology solutions. With over 8,000 listed issues globally, NYSE Euronext's equities markets -- the New York Stock Exchange, Euronext, NYSE Arca, and NYSE Amex -- represent nearly 40% of the world's cash equities trading volume, 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. NYSE Euronext offers comprehensive global commercial technology, connectivity, and market data products and services through its innovative trading solutions unit, NYSE Technologies. 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.
NYSE Euronext Added to 2009
New York, April 22, 2009 – NYSE Euronext (NYX), the world’s leading and most diverse exchange group, today announced that it has been included in the 2009 Fortune 500 list of America’s largest corporations, the only exchange group to earn that distinction with a rank of 477. Some 81% or 405 of the Fortune 500 companies are listed on NYSE Euronext exchanges, while the top 20 companies and 86 of the top 100 are listed on the New York Stock Exchange.
“NYSE Euronext is honored to be the first exchange group included in the Fortune 500,” said Michael S. Geltzeiler, Group Executive Vice President and Chief Financial Officer, NYSE Euronext. “Our goal of creating the preeminent global exchange group is built on the principles of exceptional customer service, long-term shareholder value and continuous innovation. We would like to thank our customers, shareholders and employees for their continued support.”
Obama unveils
Spending and tax outline proposes dramatic health care overhaul - vows to slash deficit, projected at $1.75 trillion in '09.
NEW YORK (CNNMoney.com) -- President Obama on Thursday pulled back the curtain on his first detailed vision of the federal budget for the next 10 years.
His outline includes an ambitious plan to reform health care, half of which would be paid for in great part by increasing the tax bite on high-income Americans.
Obama has said repeatedly that his first fiscal plan would have a two-pronged mission: to reduce the $1 trillion-plus deficit and make big investments in the future.
The administration estimates that the deficit for fiscal year 2009 will reach $1.75 trillion, or 12.3% of U.S. gross domestic product. That's a record in dollar terms and is the highest as a share of GDP since World War II.
Obama's promise: reduce the deficit he inherited to $533 billion by 2013.
"We will each and every one of us have to compromise on certain things we care about, but which we simply cannot afford right now. That's a sacrifice we're going to have to make," Obama said.
"What I won't do is sacrifice investments that will make America stronger, more competitive and more prosperous in the 21st century," he said.
Obama's outline also reveals how much more money he and his economic team are setting aside to stabilize the financial system. Their estimate: $250 billion. That would be on top of the $700 billion already authorized by Congress under the Troubled Asset Relief Program.
His outline includes an ambitious plan to reform health care, half of which would be paid for in great part by increasing the tax bite on high-income Americans.
Obama has said repeatedly that his first fiscal plan would have a two-pronged mission: to reduce the $1 trillion-plus deficit and make big investments in the future.
The administration estimates that the deficit for fiscal year 2009 will reach $1.75 trillion, or 12.3% of U.S. gross domestic product. That's a record in dollar terms and is the highest as a share of GDP since World War II.
Obama's promise: reduce the deficit he inherited to $533 billion by 2013.
"We will each and every one of us have to compromise on certain things we care about, but which we simply cannot afford right now. That's a sacrifice we're going to have to make," Obama said.
"What I won't do is sacrifice investments that will make America stronger, more competitive and more prosperous in the 21st century," he said.
Obama's outline also reveals how much more money he and his economic team are setting aside to stabilize the financial system. Their estimate: $250 billion. That would be on top of the $700 billion already authorized by Congress under the Troubled Asset Relief Program.
Wednesday, April 22, 2009
Disclaimers of Warranty
DUE TO THE NUMBER OF SOURCES FROM WHICH THE CONTENTS ARE OBTAINED, AND THE INHERENT HAZARDS OF ELECTRONIC DISTRIBUTION, THERE MAY BE DELAYS, OMISSIONS, ERRORS, OR INACCURACIES IN THE CONTENTS, AND ALTHOUGH THE CONTENTS HAVE BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE, THEY ARE PROVIDED TO YOU ON AN "AS IS" BASIS WITHOUT WARRANTIES OF ANY KIND. NYSE, THE THIRD PARTY PROVIDERS, AND THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS AND LICENSORS CANNOT AND DO NOT MAKE ANY REPRESENTATIONS AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY DISCLAIM WITH RESPECT TO THIS WEBSITE AND THE CONTENTS ALL EXPRESS, IMPLIED AND STATUTORY WARRANTIES OF ANY KIND TO YOU OR ANY THIRD PARTY, INCLUDING, BUT NOT LIMITED TO, REPRESENTATIONS AND WARRANTIES REGARDING ACCURACY, TIMELINESS, COMPLETENESS, CURRENTNESS, RELIABILITY, NONINFRINGEMENT, MERCHANTABILITY, OR FITNESS FOR ANY PARTICULAR PURPOSE, OR ANY REPRESENTATIONS OR WARRANTIES ARISING FROM USAGE OR CUSTOM OR TRADE OR BY OPERATION OF LAW. NYSE, THE THIRD PARTY PROVIDERS, AND THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS AND LICENSORS ASSUME NO RESPONSIBILITY FOR THE CONSEQUENCES OF ANY ERRORS OR OMISSIONS.
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NYSE and its subsidiaries own registered and common-law trademarks, service marks, domain names and trade dress protected by trademark laws in the United States and other countries. Other names, whether or not appearing in large print, italics or with the trademark/service mark symbol are trademarks and service marks of NYSE, its subsidiaries, related companies or third party content providers, unless otherwise noted. The use or misuse of these trademarks/service marks or any other Content or materials, except as permitted herein, is expressly prohibited and may be in violation of copyright law, trademark law and/or other relevant laws. Please be advised that NYSE actively and aggressively enforces its intellectual property rights to the fullest extent of the law. NYSE marks, names, logos and trade dress include, but are not limited to the following: NYSE Euronext, NYSE, New York Stock Exchange, NYSE GROUP, NYX, ARCA, NYSE Arca, ARCA LISTED Logo, NYSE Hybrid Market, The Big Board, DOT, Designated Order TurnAround System, Automated Bond System, ABS, N.Y. Stock Exchange, SuperDot, NYSE Composite Index, NYSE Logo, IIEDS, Individual Investor Express Delivery Service, Image of NYSE Building Facade, The World Puts Its Stock In Us, NEW YORK STOCK EXCHANGE LISTED COMPANY Emblem Logo, THE NEW YORK STOCK EXCHANGE [Stylized], NYSE MAGAZINE, NYSEDATA.COM, NYSE DIRECT+, NYSE INSTITUTIONAL XPRESS, NYSE COMMON ACCESS POINT, NYSE CAP, NYSE MarkeTrac, Image of the NYSE Trading Floor, NETWORK NYSE, At The Center Of Global Business, Broker Booth Support System, BBSS, NYSE/THE WORLD PUTS ITS STOCK IN US and Portal Design, NYSE and Portal Design, NYSE/NEW YORK STOCK EXCHANGE and Portal Design, Institutional Xpress, Display Book, NYSE e-Broker, NYSE Institutional Insight, Ixp, iXpress, THE OPENING BELL, THE CLOSING BELL (including audio and visuals), NYSE TMT INDEX, NYSE OPENBOOK, NYSE OrderTrac, THE NYSE TRADING FLOOR BELL (Audio), NYSE BOSS, Portal Design, Anonymous DOT, Anonymous SuperDot, ADOT, NYSEInform, NYSE MEMBER Emblem Logo, NYSE 4 On The Floor, YOUR MARKET, TRACK THE MARKET, A Refreshing New Way To Look At The Market, NYSE International 100 Index, NYSE U.S. 100 Index, NYSE World Leaders Index, NYSE BROKER VOLUME, NYSE
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The New York Stock Exchange, LLC ("NYSE") reserves all rights to the NYSE securities prices that it makes available to you over its website. You understand and acknowledge that those NYSE securities prices do not reflect trading activity on markets other than NYSE and are intended to provide you with a reference point only, rather than as a basis for making trading decisions. The NYSE does not guarantee that data and shall not be liable for any loss due either to its negligence or to any cause beyond its reasonable control. Any redistribution of that data is strictly prohibited.
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This Web site, including but not limited to the text, content, all real time or other information, any software programs available on or through the Web site, photographs, images, video, audio and graphics contained on the Web site (“Content”), is protected by copyright, trademark, trade dress, domain name, patent, trade secret, international treaties and other proprietary rights and laws of the United States and other countries. You acknowledge and agree to abide by all applicable intellectual property laws, as well as any additional notices or restrictions contained on the Web site. Unauthorized use of this Web site and the materials and Content contained on this Web site may violate applicable, copyright, trademark, patent, or other intellectual property laws or other laws. The copyrights, trademarks, service marks and any other proprietary Content displayed on this Web site are registered and common law copyrights, trademarks, service marks, trade dress and proprietary material of NYSE and various third parties. Nothing contained on this Web site should be construed as granting, by implication, estoppel or otherwise, any license or right to use any of the Content or proprietary material without the express written permission of NYSE or such other party as may own the proprietary rights.
Regulatory Disclosure
This Web Site is for informational and educational purposes only. The information and materials contained on this Web Site are provided ‘as is’ and NYSE Euronext does not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaims liability for errors or omissions. None of the information contained on this Web Site constitutes an offer, solicitation or recommendation to acquire or dispose of any security or investment or to engage in any other transaction or to provide legal, tax, accounting or investment advice or services regarding the suitability or profitability of any security or investment. NYSE Euronext has not made any recommendations regarding the merit of any company, security or other financial product or investment identified on the Web Site, made any recommendation regarding the purchase or sale of any such company, security, financial product or investment, or endorsed or sponsored any company identified on the Web site.
Terms and Conditions
By accessing and using this World Wide Web Site or any service of this Web site, you acknowledge, accept and agree to all of our terms, conditions and privacy policies described below, and otherwise contained on or referenced in this Web site (the “Agreement”). If you do not agree to this Agreement, you are not authorized to access and use this site. You also acknowledge and agree that we may modify this Agreement at any time, in our sole discretion; that all modifications to this Agreement will be effectiveimmediately upon our posting of the modifications on this site; and that you will review this Agreement each time you access this site, so that you are aware of and agree to any and all modifications made to this Agreement. You also acknowledge and agree that, unless we specifically indicate otherwise, this Agreement only applies to this site and our online activities and does not apply to any of our offline activities.
Cautionary Note Regarding
Certain statements in this release may contain 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
Sunday, April 12, 2009
Decommissioning of CMS Update
As previously communicated in prior client notices, the NYSE has completed its transition of Cash Equity order flow from CMS to CCG. Additionally, with the successful migration of NYSE Amex Options to the NYSE Arca trading platform, CMS will no longer be used for Options order flow. Effective start of business Monday, March 23, 2009 all CMS connections currently enabled for order flow will be decommissioned. Firms should ensure that their job streams are updated to reflect these changes and that their systems are not impacted.
For any questions, please contact your RM or our Service Desk at 1.866.873.7422.
For any questions, please contact your RM or our Service Desk at 1.866.873.7422.
New Database (SDBK): Implementation Update
To update the March 11, 2009 Trader Update post, NYSE Euronext successfully deployed its new Super Display Book (SDBK) database in production on Monday, March 16, 2009 in the stock Par Technologies Corporation (NYSE Listed: PTC) and confirmed processing through the comparison, clearing and settlement systems
New Database (SDBK): Implementation Update
To update the March 18, 2009 Trader Update post, in response to firms’ concerns regarding changes implemented in the initial pilot stock of the Super Display Book (SDBK) deployment, the NYSE will be implementing software changes to reinstate the Cancel Replace to reduce message type into the SDBK environment. The linked Trading Technology Information Memo details the implementation of the order type. This software enhancement will be available for firms to test in the User Acceptance Test (UAT) environment shortly
NYSE Amex Equity Transaction Price Reduction
Effective April 1, 2009 the transaction fee applicable to NYSE floor brokers taking liquidity in NYSE Amex listed securities when routing via the hand held or BBSS will be $0.0020 per share.
The Exchange is modifying the 2009 NYSE Amex Price List to clarify that floor brokers are NOT charged a fee in connection with all agency cross trades.
The Exchange is modifying the 2009 NYSE Amex Price List to clarify that floor brokers are NOT charged a fee in connection with all agency cross trades.
Friday, April 3, 2009
The NYSE Reschedules Enhanced MOC/LOC Handling for All Customers
The New York Stock Exchange has rescheduled the introduction of enhanced MOC/LOC handling for March 9, 2009. In late December the NYSE postponed the original launch date to give all firms the ability to take advantage of the service. The NYSE will disable the current MOC and LOC blocks that member firms have previously added to their individual mnemonics the weekend prior to the March 9 launch.
Please note that there will be a change in how the Exchange Systems will handle cancel requests. Based on client feedback the Exchange will block all MOC/LOC cancel requests beginning at 3:50PM on all MOC/LOC orders entered before 3:40 PM and offsetting orders for previously published imbalances entered after 3:40 PM. Previously the Exchange Systems were going to begin blocking all cancel requests at 3:40 PM.
Attached is an updated memo highlighting the specifics of how the Exchange Systems will now handle MOC/LOC orders
Please note that there will be a change in how the Exchange Systems will handle cancel requests. Based on client feedback the Exchange will block all MOC/LOC cancel requests beginning at 3:50PM on all MOC/LOC orders entered before 3:40 PM and offsetting orders for previously published imbalances entered after 3:40 PM. Previously the Exchange Systems were going to begin blocking all cancel requests at 3:40 PM.
Attached is an updated memo highlighting the specifics of how the Exchange Systems will now handle MOC/LOC orders
New Database (SDBK): Implementation Update
To update the 18, 2009 Trader Update post, in response to firms’ concerns regarding changes implemented in the initial pilot stock of the Super Display Book (SDBK) deployment, the NYSE will be implementing software changes to reinstate the Cancel Replace to reduce message type into the SDBK environment. The linked Trading Technology Information Memo details the implementation of the order type. This software enhancement will be available for firms to test in the User Acceptance Test (UAT) environment shortly. Subsequent notification will be issued detailing the deployment of this software to additional pilot stocks.
NYSE Amex Equity Transaction Price Reduction
Effective April 1, 2009 the transaction fee applicable to NYSE floor brokers taking liquidity in NYSE Amex listed securities when routing via the hand held or BBSS will be $0.0020 per share.
The Exchange is modifying the 2009 NYSE Amex Price List to clarify that floor brokers are NOT charged a fee in connection with all agency cross trades.
The Exchange is modifying the 2009 NYSE Amex Price List to clarify that floor brokers are NOT charged a fee in connection with all agency cross trades.
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.
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, the leading European derivatives exchange by value of trading, 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 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.
exchange new
In Tape A securities, the routing fee to the NYSE using NYSE Arca’s Primary Sweep Order (PSO ) is $0.0016 per share, otherwise the standard routing fee applies as noted in the table. The Primary Sweep Order (PSO ) is a market or limit order that sweeps the NYSE Arca Book and routes any remaining balance to the primary listing market. All orders with a PSO designation should be marketable. Non-marketable orders will function as regular limit orders. The PO+ Order is an order type that allows users to send a directed order for immediate routing to the primary, listing exchange, without first sweeping the NYSE Arca Order Book. The order can be entered as an Immediate-or-Cancel (IOC) order, or as a Day Order that will remain open until the order is either executed or cancelled. Additionally, the new PO+ order type supports reserve orders. The rates for the PO+ Order sent to NYSE include a rebate of $0.0010 for liquidity adding and fee of $0.0018 for liquidity removing.
2. Mid-Point Passive Liquidity (MPL) is an undisplayed limit order that is priced at the mid-point of the Protected Best Bid and Offer (PBBO). MPL orders will generally interact with all order types including contra MPLs excluding: cross or directed orders. MPL orders will be entered as a limit order but are executable only at the mid-point of the NBBO. When the market is locked, eligible MPLs will trade at the locked price. MPLs have a minimum entry and execution size of 100 shares
2. Mid-Point Passive Liquidity (MPL) is an undisplayed limit order that is priced at the mid-point of the Protected Best Bid and Offer (PBBO). MPL orders will generally interact with all order types including contra MPLs excluding: cross or directed orders. MPL orders will be entered as a limit order but are executable only at the mid-point of the NBBO. When the market is locked, eligible MPLs will trade at the locked price. MPLs have a minimum entry and execution size of 100 shares
NYSE Arca Equities Price Changes
Effective March 1, 2009, the following NYSE Arca equities transaction fee changes will go into effect:
For customers with an average daily share volume per month greater than 90 million shares in Tape A, B and C trading, including adding liquidity of more than 45 million shares, the new rates per share are as follows:
For Tape A and Tape C securities, the pricing structure is inverted, including a rebate of $0.0029 for orders that add liquidity (previously $0.0028) and a fee of $0.0028 for orders that remove liquidity (previously $0.0027). The new inverted pricing structure will be in effect for a minimum of three months.
For all customers not reaching at least 60 million average daily share volume, the rates per share are as follows:
In Tape A and Tape C securities, all customers will receive a rebate of $0.0020 per share for resting MPL orders (previously $0.0010) and in Tape B securities the rebate is $0.0010 per share (previously zero). The MPL order is an undisplayed limit order that offers price improvement to customers by executing at the mid-point of the National Best Bid and Offer (NBBO).
For Tape A and Tape C securities, the rebate is $0.0023 for orders that add liquidity (unchanged) and the fee is $0.0030 for orders that remove liquidity (previously $0.0029).
All other transaction fees remain unchanged. NYSE Arca’s new pricing structure for all customers is summarized in the table below.
For customers with an average daily share volume per month greater than 90 million shares in Tape A, B and C trading, including adding liquidity of more than 45 million shares, the new rates per share are as follows:
For Tape A and Tape C securities, the pricing structure is inverted, including a rebate of $0.0029 for orders that add liquidity (previously $0.0028) and a fee of $0.0028 for orders that remove liquidity (previously $0.0027). The new inverted pricing structure will be in effect for a minimum of three months.
For all customers not reaching at least 60 million average daily share volume, the rates per share are as follows:
In Tape A and Tape C securities, all customers will receive a rebate of $0.0020 per share for resting MPL orders (previously $0.0010) and in Tape B securities the rebate is $0.0010 per share (previously zero). The MPL order is an undisplayed limit order that offers price improvement to customers by executing at the mid-point of the National Best Bid and Offer (NBBO).
For Tape A and Tape C securities, the rebate is $0.0023 for orders that add liquidity (unchanged) and the fee is $0.0030 for orders that remove liquidity (previously $0.0029).
All other transaction fees remain unchanged. NYSE Arca’s new pricing structure for all customers is summarized in the table below.
NYSE Equities Price Changes
“Recent pricing incentives for Designated Market Makers and Supplemental Liquidity Providers have contributed to significant increases in posted liquidity and NYSE market share gains,” said Joe Mecane, Executive Vice President and Chief Administrative Officer, U.S. Markets. "We are further extending this incentive program by offering a compelling rebate to all NYSE customers, while continuing to maintain the lowest take rate for accessing liquidity.”
Effective March 1, 2009, the new NYSE fee schedule for customers and floor brokers will include the following changes and benefits:
Customer rebate per share for adding liquidity of $0.0010 (previously no rebate) in displayed and non-displayed orders. Floor broker rebate per share for adding liquidity of $0.0012 (previously $0.0004) in displayed and non-displayed orders. Benefits of posting orders on the NYSE include: 1) Highly competitive rebate for liquidity providing in non-displayed orders; 2) Access to superior take liquidity offering higher certainty of execution; 3) Participation in block sweeps from the New York Block Exchange (NYBX).
Transaction fee per share for removing liquidity of $0.0018 (previously $0.0008) for customers and floor brokers. The NYSE continues to offer the best take fee for accessing liquidity, which is 28%-40% lower than other major market centers;
Transaction fee per share for market-on-close (MOC) and limit-on-close (LOC) orders of $0.0005 (previously $0.0004) for customers and floor brokers. Participants will continue to benefit from the $120 fee cap on all transactions.
Transaction fee per share for odd lot transactions (including odd lot portions of partial round lots) of $0.0010 (previously $0.0004). The NYSE continues to offer the lowest take fee for removing odd lots, which is 60%-67% lower than other major market centers.
Effective March 1, 2009, the new NYSE fee schedule for customers and floor brokers will include the following changes and benefits:
Customer rebate per share for adding liquidity of $0.0010 (previously no rebate) in displayed and non-displayed orders. Floor broker rebate per share for adding liquidity of $0.0012 (previously $0.0004) in displayed and non-displayed orders. Benefits of posting orders on the NYSE include: 1) Highly competitive rebate for liquidity providing in non-displayed orders; 2) Access to superior take liquidity offering higher certainty of execution; 3) Participation in block sweeps from the New York Block Exchange (NYBX).
Transaction fee per share for removing liquidity of $0.0018 (previously $0.0008) for customers and floor brokers. The NYSE continues to offer the best take fee for accessing liquidity, which is 28%-40% lower than other major market centers;
Transaction fee per share for market-on-close (MOC) and limit-on-close (LOC) orders of $0.0005 (previously $0.0004) for customers and floor brokers. Participants will continue to benefit from the $120 fee cap on all transactions.
Transaction fee per share for odd lot transactions (including odd lot portions of partial round lots) of $0.0010 (previously $0.0004). The NYSE continues to offer the lowest take fee for removing odd lots, which is 60%-67% lower than other major market centers.
New exchange
The New York Stock Exchange (NYSE) and NYSE Arca, units of NYSE Euronext (NYX), today announced new transaction pricing, effective March 1, 2009, pending SEC filing. The NYSE fee change will include customer rebates for adding liquidity while continuing to offer the lowest transaction fees for taking liquidity in NYSE-listed securities among the major market centers. The fee change is expected to be rolled out in conjunction with significant NYSE execution speed improvements. The NYSE Arca fee change raises the rebate for active traders in Tape A (NYSE-listed) and Tape C (Nasdaq-listed) securities, as well as a higher rebate on Mid-Point Passive Liquidity (MPL) orders for all customers in all securities. Together, the dual-exchange model of the NYSE and NYSE Arca deliver the best rate combination among major exchanges and superior liquidity when trading NYSE-listed securities, in addition to the lowest take fee on NYSE and highest rebate on NYSE Arca.
In addition, NYSE Euronext’s Global Multi-Platform Incentive Program offers additional savings to active global customers trading on the NYSE, NYSE Arca and Euronext markets. The program provides rebates of 0.007€ and 0.003€ (per 100 shares) for customers with average daily volume of more than 450 million and 250 million shares, respectively.
In addition, NYSE Euronext’s Global Multi-Platform Incentive Program offers additional savings to active global customers trading on the NYSE, NYSE Arca and Euronext markets. The program provides rebates of 0.007€ and 0.003€ (per 100 shares) for customers with average daily volume of more than 450 million and 250 million shares, respectively.
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.
About BIDS Holdings, L.P.
BIDS Holdings, L.P. is the parent company of BIDS Trading, L.P., a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS ), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, the BIDS ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. The BIDS ATS is open to all qualifying broker-dealers and their institutional clients, subject to credit and regulatory requirements. For more information, visit www.bidstrading.com
BIDS Trading is a joint venture of: Bank of America Merrill Lynch (NYSE: BAC ), Citi (NYSE: C), Credit Suisse Group (NYSE: CS), Deutsche Bank (NYSE: DB), The Goldman Sachs Group, Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM ), Knight Capital Group, Inc. (NASDAQ: NITE ), Lehman Brothers (NYSE: LEH ), Morgan Stanley (NYSE: MS), NYSE Euronext (NYX), and UBS (NYSE: UBS ).
BIDS Trading is a joint venture of: Bank of America Merrill Lynch (NYSE: BAC ), Citi (NYSE: C), Credit Suisse Group (NYSE: CS), Deutsche Bank (NYSE: DB), The Goldman Sachs Group, Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM ), Knight Capital Group, Inc. (NASDAQ: NITE ), Lehman Brothers (NYSE: LEH ), Morgan Stanley (NYSE: MS), NYSE Euronext (NYX), and UBS (NYSE: UBS ).
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, the leading European derivatives exchange by value of trading, 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 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.
News Releases
NYSE Euronext and BIDS Holdings, L.P. today announced that the Securities and Exchange Commission has approved their joint filing to launch the New York Block Exchange (NYBX) on January 29, 2009. Designed to improve execution quality and access to block trading liquidity, NYBX is a 50/50 joint venture between the two companies and it will operate as a facility of the NYSE.
“We look forward to launching this first-of-its-kind platform, the New York Block Exchange, on January 29,” said Larry Leibowitz , Group Executive Vice President and Head of U.S. Execution and Global Technology. “By aligning ourselves with BIDS Trading and its investors, we are further demonstrating our ongoing commitment to re-discovering and re-aggregating substantial block liquidity to better serve our customers.”
“The SEC approval allows us to introduce a true revolution in block trading,” said Tim Mahoney , Chief Executive Officer of BIDS Trading. “By partnering with NYSE Euronext, NYBX orders will interact with additional market participants to provide unparalleled price discovery and access to liquidity in today’s fragmented block trading environment.”
NYBX will be open to all NYSE members and is also accessible through BIDS Trading, a registered alternative trading system (ATS) , which has become an NYSE member.
“We look forward to launching this first-of-its-kind platform, the New York Block Exchange, on January 29,” said Larry Leibowitz , Group Executive Vice President and Head of U.S. Execution and Global Technology. “By aligning ourselves with BIDS Trading and its investors, we are further demonstrating our ongoing commitment to re-discovering and re-aggregating substantial block liquidity to better serve our customers.”
“The SEC approval allows us to introduce a true revolution in block trading,” said Tim Mahoney , Chief Executive Officer of BIDS Trading. “By partnering with NYSE Euronext, NYBX orders will interact with additional market participants to provide unparalleled price discovery and access to liquidity in today’s fragmented block trading environment.”
NYBX will be open to all NYSE members and is also accessible through BIDS Trading, a registered alternative trading system (ATS) , which has become an NYSE member.
About BIDS Holdings, L.P.
BIDS Holdings, L.P. is the parent company of BIDS Trading, L.P. , a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, the BIDS ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions. The BIDS ATS is open to all qualifying broker-dealers and their institutional clients, subject to credit and regulatory requirements. For more information, visit www.bidstrading.com.
BIDS Trading is a joint venture of: Bank of America Merrill Lynch (NYSE: BAC), Citi (NYSE: C), Credit Suisse Group (NYSE: CS), Deutsche Bank (NYSE: DB), The Goldman Sachs Group, Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM), Knight Capital Group, Inc. (NASDAQ: NITE), Lehman Brothers (NYSE: LEH), Morgan Stanley (NYSE: MS), NYSE Euronext (NYX), and UBS (NYSE: UBS).
©2009 New York Block Exchange, LLC. NYBXSM is a service mark of NYSE Group, Inc. and is used by the New York Block Exchange, LLC under license. BIDS Trading is a member of FINRA, NYSE, and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world. NYSE and NYSE Euronext, and their associated marks, are also protected in the United States and countries throughout the world
BIDS Trading is a joint venture of: Bank of America Merrill Lynch (NYSE: BAC), Citi (NYSE: C), Credit Suisse Group (NYSE: CS), Deutsche Bank (NYSE: DB), The Goldman Sachs Group, Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM), Knight Capital Group, Inc. (NASDAQ: NITE), Lehman Brothers (NYSE: LEH), Morgan Stanley (NYSE: MS), NYSE Euronext (NYX), and UBS (NYSE: UBS).
©2009 New York Block Exchange, LLC. NYBXSM is a service mark of NYSE Group, Inc. and is used by the New York Block Exchange, LLC under license. BIDS Trading is a member of FINRA, NYSE, and SIPC. BIDS Trading and the BIDS Trading mark are protected in the United States and countries throughout the world. NYSE and NYSE Euronext, and their associated marks, are also protected in the United States and countries throughout the world
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, the leading European derivatives exchange by value of trading, 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 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.
Media Contacts
NYSE Euronext, Eric Ryan, +1.212.656.2411eryan@nyx.com
BIDS Holdings, L.P., Caroline Bujak, +1.212.618-2097caroline.bujak@bidstrading.com
Intermarket Communications, Stephanie DiIorio, +1.212.754-5181sdiiorio@intermarket.com
BIDS Holdings, L.P., Caroline Bujak, +1.212.618-2097caroline.bujak@bidstrading.com
Intermarket Communications, Stephanie DiIorio, +1.212.754-5181sdiiorio@intermarket.com
New York Block Exchange Officially Launches Today
NEW YORK, NY – January 29, 2009 – NYSE Euronext (NYX) and BIDS Holdings, L.P., (BIDS Holdings) today announced the launch of their joint venture, the New York Block Exchange (NYBXSM ), an innovative new platform designed to maximize access to liquidity and improve execution quality in the U.S. equity block trading market. Institutional investors and other market participants can now execute block trades on NYBX, the first venue of its kind to allow non-displayed liquidity to anonymously access both the displayed and reserve liquidity of the NYSE order book, creating an innovative platform to re-aggregate blocks of stock.
“Given the speed and complexity of today’s dynamic marketplace, there is a need to resolve the problems inherent in executing block trades in an increasingly fragmented trading environment,” said Larry Leibowitz, Group Executive Vice President and Head of U.S. Execution and Global Technology. “As the first platform to unite dark and light sources of liquidity, NYBX will significantly reduce market fragmentation for large orders; electronically replicating traditional block trading. This represents a major advancement in block trading.”
“Today’s launch of NYBX marks a historic shift in the way market participants can execute block trades, representing a leap forward in the institutional trading environment,” said Tim Mahoney, Chief Executive Officer of BIDS Trading. “Previously, there had been a gap in electronically servicing block trades and we see NYBX as the most efficient trading solution. By combining the anonymity, speed and flexibility of the BIDS ATS with the world’s leading exchange, NYBX aims to improve block executions, provide unparalleled price discovery, and reduce fragmentation; giving traders a one-stop block trading service.”
BIDS Holdings and the NYSE Euronext each have a 50% ownership stake in NYBX. In addition, NYSE Euronext made an investment in BIDS Holdings in October 2006.
NYBX is open to all New York Stock Exchange members and to BIDS Trading subscribers via sponsored access. The BIDS Alternative Trading System, which is accessible to all broker-dealers, investment managers, hedge funds and algorithms, enables access to NYBX liquidity by allowing subscribers to opt-in on an order-by-order basis. Traders can set different prices and minimum trade sizes in each venue.
To effectively preserve anonymity and manage information leakage, original technology has been created specifically for the NYBX platform. NYBX will continuously search itself, as well as the NYSE order book, trading with displayed orders, reserve orders and hidden interest on the New York Stock Exchange, while keeping the order anonymous.
Please visit http://www.nybx.com for more information and an NYBX webcast.
“Given the speed and complexity of today’s dynamic marketplace, there is a need to resolve the problems inherent in executing block trades in an increasingly fragmented trading environment,” said Larry Leibowitz, Group Executive Vice President and Head of U.S. Execution and Global Technology. “As the first platform to unite dark and light sources of liquidity, NYBX will significantly reduce market fragmentation for large orders; electronically replicating traditional block trading. This represents a major advancement in block trading.”
“Today’s launch of NYBX marks a historic shift in the way market participants can execute block trades, representing a leap forward in the institutional trading environment,” said Tim Mahoney, Chief Executive Officer of BIDS Trading. “Previously, there had been a gap in electronically servicing block trades and we see NYBX as the most efficient trading solution. By combining the anonymity, speed and flexibility of the BIDS ATS with the world’s leading exchange, NYBX aims to improve block executions, provide unparalleled price discovery, and reduce fragmentation; giving traders a one-stop block trading service.”
BIDS Holdings and the NYSE Euronext each have a 50% ownership stake in NYBX. In addition, NYSE Euronext made an investment in BIDS Holdings in October 2006.
NYBX is open to all New York Stock Exchange members and to BIDS Trading subscribers via sponsored access. The BIDS Alternative Trading System, which is accessible to all broker-dealers, investment managers, hedge funds and algorithms, enables access to NYBX liquidity by allowing subscribers to opt-in on an order-by-order basis. Traders can set different prices and minimum trade sizes in each venue.
To effectively preserve anonymity and manage information leakage, original technology has been created specifically for the NYBX platform. NYBX will continuously search itself, as well as the NYSE order book, trading with displayed orders, reserve orders and hidden interest on the New York Stock Exchange, while keeping the order anonymous.
Please visit http://www.nybx.com for more information and an NYBX webcast.
The New York Stock Exchange's Unique Market Model
The New York Stock Exchange utilizes a unique combination of market professionals and technology to provide customers with the highest levels of market quality and competitiveness.
Designated Market Makers (DMMs) are at the center of the NYSE market and are the only participants in any market who have true accountability for maintaining a fair and orderly market. The NYSE features both a physical auction convened by DMMs and a completely automated auction that includes algorithmic quotes from DMMs and other participants.
Trading Floor Brokers leverage their physical point-of sale-presence with information technologies and algorithmic tools to offer customers the benefits of flexibility, judgment, automation and anonymity with minimal market impact.
Supplemental Liquidity Providers, the newest component of the NYSE, are electronic, high-volume members off the trading floor who are incented to add liquidity on the NYSE, complementing that of other quote providers. Taken as a whole, the NYSE is the only market to offer both high-tech automation for low latency and complete anonymity and high-touch participation by market professionals to create orderly opens and closes, lower volatility, deeper liquidity and improved prices.
Designated Market Makers (DMMs) are at the center of the NYSE market and are the only participants in any market who have true accountability for maintaining a fair and orderly market. The NYSE features both a physical auction convened by DMMs and a completely automated auction that includes algorithmic quotes from DMMs and other participants.
Trading Floor Brokers leverage their physical point-of sale-presence with information technologies and algorithmic tools to offer customers the benefits of flexibility, judgment, automation and anonymity with minimal market impact.
Supplemental Liquidity Providers, the newest component of the NYSE, are electronic, high-volume members off the trading floor who are incented to add liquidity on the NYSE, complementing that of other quote providers. Taken as a whole, the NYSE is the only market to offer both high-tech automation for low latency and complete anonymity and high-touch participation by market professionals to create orderly opens and closes, lower volatility, deeper liquidity and improved prices.
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