Reminder: Today is Day 1 for NYSE Pilot for Electronic Reserve Orders.

By: Ray Pellecchia

File Under: NYSE

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Just a reminder before I head out on another sun-filled day: today is Day 1 for our pilot for electronic Reserve Orders. Here is our most recent post on the subject, with links for details.

Let me also repeat my invitation for traders to share your experiences with the new order type. The comment box below is yours.

Today in NYSE History
23 April 1970 -- The Banking and Securities Industry Committee (BASIC) urged mandatory use of standardized CUSIP numbers to identify individual securities.

OK, that's what BASIC was, but was does CUSIP actually stand for?

A Google search takes us to brief history lesson from the fine folks at CUSIP Global Services:

In July 1964, the New York Clearing House Association approached the American Bankers Association to develop a way to improve operating efficiencies across the industry by developing a standard method of identifying securities. The Committee on Uniform Security Identification Procedures (CUSIP) was created to work on this issue. Their work resulted in the establishment of the CUSIP system and in 1968 the CSB was formed to administer the CUSIP system.

Over the years, CSB’s core competencies in securities identification and data management, and strong relationships with industry stakeholders, have positioned the organization as a catalyst for innovation. As coverage has expanded to include new financial instruments and geographies, CUSIP Global Services has emerged as the overarching entity operated by CSB. Identifiers are available for more than 8.4 million unique financial instruments issued by corporations, municipalities and government agencies throughout the world, and thousands of new identifiers are generated every day.