Do Not Ship rollout starts tomorrow

By: Ray Pellecchia

File Under: NYSE

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Quick on the heels of yesterday's good news on better capabilities for floor brokers to add value, here's more: the rollout of the Do Not Ship (DNS) order starts tomorrow.

Sorry for the short notice. Must have missed a meeting or a conference call on this, but here it is:

On Wednesday, June 13, 2007, NYSE will begin to activate the DNS order type for selected securities. The first 28 securities eligible for the DNS order type are listed below. The securities will continue to be rolled out over time and will be posted on nyse.com. You can check back to the link for updates to the securities activation list.

A DNS order is a limit order to buy or sell that is to be quoted and/or executed in whole or in part only by NYSE. The DNS order provides the market participant with control over routing decisions for the order. In the event the order would require routing to away market center, it would be immediately canceled by NYSE systems. Firms can send this new order type to NYSE by including the new routing instruction “DNS” on their orders.

Related links:

Hybrid Market update page with the .pdf and .xls versions of the list of activated securities

Member Firm Notice and Specifications

I can hear Tony Dey and Dino Trader saying, "Finally!" all the way from here.

And some related haiku, of course (culled from the initial list of activated securities):

First Trust Strategic
Alesco Financial Inc.
Luminent Mortgage

Had to throw in that "Inc." to get the 5-7-5 down. You have to find poetry in everything, I always say.

Tags: New York Stock Exchange, Hybrid Market, NYSE, NYSE Euronext, NYX, trading, stock market