- Jul
- 31
- 2006
- 5:30 PM
Q&A: Phase III starts Oct. 6
- By: Ray Pellecchia
- File Under: NYSE
A reader writes:
On the hybrid market homepage, does the line "Hybrid Phase III - Pilot progressing, full implementation targeted to commence 10/6" mean that all symbols will no longer have direct+ restrictions?
by ds on July 31, 2006 05:01 PM
ds -- Yes, that's what it means: removing for all stocks the current restrictions on NYSE Direct+. The approach is the same as in this post announcing the current Phase III pilot.
Implementation will start on Oct. 6, and will probably take a few weeks to roll out across all stocks.
Too quiet on the blog front today. Thanks for giving me a reason to post.
Comments
Ray- When the final phase gets rolled out what will the LRP'S be set at. thanks
by tony dey on August 1, 2006 9:48 AM
Tony -- The finishing touches are being applied to the new Liquidity Replenishment Point, and we'll pass along the details soon. All I can say at this point is: watch this space.
Also wanted to take this opportunity to clarify two things about the same post, both brought to my attention by a Hybrid-Building Colleague:
1) Rollout will be done conservatively, so all stocks will not be cut over Day 1, but rather over time -- probably over the fourth quarter.
2) Some stocks will not participate in auto-ex; for example, as we proposed and the SEC approved, those priced more than $300 per share. Currently, that's about 9 stocks.
Thanks again for writing, Tony.
by Ray Pellecchia on August 2, 2006 12:23 PM
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