Q&A: Timing of pilot

By: Ray Pellecchia

File Under: NYSE, NYSE

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Two readers write on related topics:

You had previously mentioned that Oct. 31 was the last day before further SEC approval was needed for more Hybrid implementation. Does that mean that any issues not switched to hybrid by Nov. 1 cannot be until further approval?

-- J. Cancel

Ray,

I've asked this one before, but no response. Is there a reason why LU is NOT on the various lists of Hybrid securities? Does it trade differently than the other Hybrid securities? Unless I'm going senile, I believe it went Hybrid Pilot a while ago.

-- John Jacobs

J. -- It means that any issues beyond the 340 already approved cannot be added without further SEC action. We also need SEC approval to continue the pilot.

Obviously, we should be hearing on this very shortly. Will keep you posted. Thanks for writing, J.

John -- No, you're not going senile, but but I did post a response, here. But I posted the answer four days after your question, so that's probably why you missed it. Sorry, will try to be faster on the draw.

To recap:

Lucent Technologies was our original pilot stock for some of the Phase III features and functions, and that status remains unchanged, until it formally joins Phase III (date to be announced).

Trading in Lucent currently does not have some of the "full" Phase III features, including sweeps, LRPs, no Discretionary e-Quotes and auto-routing. Lucent will pick up those features when it joins Phase III. The stock is one of the 340 names on the list to be added in the initial leg of Phase III.

Thanks again for writing, John.

Happy Monday, folks. Here's one from the archives:

Today in NYSE History
30 Oct 1929 The show business newspaper, Variety, published its famous stock market crash headline: "Wall Street Lays an Egg."

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trading, stock market, Variety