• Nov
  • 29
  • 2006
  • 2:49 PM

Yes, Virginia, there is a Hybrid Market

By: Ray Pellecchia
File Under: NYSE

A reader writes in response to Seven issues to Hybridify on Nov. 30 :

Can we get more transparency about the pending SEC approval process? Two months ago our group was ecstatic about the Hybrid Market, but now, with still so few names in the pilot pool, it's prohibitive to act upon the changes because these stocks represent only a small percentage of all the stocks we trade. It's like being a 10 year-old and finding out that Christmas will be delayed pending the approval of the SEC.

-- Evan Wilder

Evan -- The timing of your question is perfect. Word is that the SEC has approved our "omnibus" rule filing, and we're expecting approval of the remaining two rule filings (concerning stabilization requirements and Rule 127 trades) later this week. We'll post those approvals as soon as we have the documents.

Once the approvals are in hand, within days we will be announcing the activation of much larger groups of stocks into Phase III of the Hybrid Market.

We know it's been a long process, and we appreciate your patience. Tell your "10-year-old" that Santa is on the way.

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Comments

Ray-
when do you expect all NYSE stocks to be phase 3 enabled?

by jeff on December 1, 2006 11:16 AM

Jeff -- I wrote on Wednesday that the SEC had approved our "omnibus" rule filing, leaving two approvals to go.

Today, I can report that we're one step closer. My understanding is that the SEC has approved the filing concerning Rule 127 trades (covering manual block transactions).

One step to go. Because the one remaining filing (covering stabilization requirements) was not approved by Nov. 30, we filed to extend the pilot on it. The extension is in place, and we expect that the "permanent" filing will be approved imminently.

Once that is in hand, we will be actlvating this month much larger groups of stocks into Phase III of the Hybrid Market, culminating in all our listed issues being Hybridified. I still don't have specific dates yet, but I'm confident that things are about to really take off.

Again, we know it's been a long process, and we appreciate everyone's patience, as well as your interest in getting the rest of the issues Hybridized. The SEC is working hard on its review process, and our top priority here is to make sure we get this thing right. In addition to getting it soon, of course.

by Ray Pellecchia on December 1, 2006 3:38 PM

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