Q&A about the '5-minute rule'

By: Ray Pellecchia

File Under: NYSE, NYSE

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A reader from a service bureau writes:

Ray,

I've raised this question before - and received a rather non-specific answer - so I thought I'd try again.
In the pre-Hybrid environment, most limit orders that remained un-executed for more than 5 minutes were liable to specialists' fees. Will this continue to be the case - and if so, will there be any (electronic) indication made available - especially relevant if the fees are greater than $0.003/share?

Regards,

Kevin J. Davis

Kevin -- I hate to disappoint, but your question essentially requires a forward-looking answer, which I can't give. All I can do is point you to the comments our CFO Nelson Chai made in our teleconference call yesterday. Nelson said we are continuing to evaluate our pricing structure with an eye toward ensuring we have the best value proposition today and as we approach the Reg.-NMS environment. And he put this in the context of our recent pricing changes and overall competitive strategy.

I appreciate your continuing interest; sorry I can't be more specific.

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