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Jul
01
2009

10:53 AM

DOT's All, Folks! -- NYSE Replaces SuperDOT, Cutting Order-Execution Time to 5 Milliseconds from 105

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca

NYSE customers are experiencing trade executions and reports within five milliseconds, as well as order and cancellation acknowledgments in just two milliseconds. "For the first time on NYSE, customers can employ the benefits of competitive speed and automation in addition to our longstanding value of high-touch price discovery on the only U.S. exchange cash equities trading floor," says Lou Pastina, executive VP of NYSE Operations.

Jun
30
2009

4:43 PM

NYSE Circuit-Breaker Levels for 3Q 2009

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca

As I always say, may we never need to consult these procedures, but here they are, just in case.

Hey, a trivia question: How many shareholders were there in the U.S. in 1952?
a) 650,000
b) 1 million
c) 6.5 million
d) 16 million

Read on for the circuit-breakers and the trivia answer.

Jun
24
2009

9:31 AM

Options Transaction Fees on a Diet

By: twilemon: File Under: NYSE Amex, NYSE Arca, Options

From Todd Wilemon: As of July 1, 2009, NYSE Options will no longer charge a facilitation fee to firms who facilitate their customer order flow. We are eliminating the fee for firm facilitation of customer orders. It’s going to zero. Yes, the price is FREE on both exchanges!

Jun
18
2009

2:31 PM

Quarterly Expiration Tomorrow, 19 June

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca

In case you missed it: tomorrow is the quarterly expiration of stock and index options and futures. The second quarter is drawing to a close.

Where does the time go?

While you're pondering that, here's an Information Memorandum (is there any other kind of memo? -- I mean, can there be a memorandum without information, aren't we being a little redundant?) about procedures you might want to freshen up on in connection with the expiration.

Jun
15
2009

4:03 PM

'Exchanges' anonymous trading sets off alarms'

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca

"If you do it fast and electronically, it's OK, and, if humans do it on the NYSE floor, they get prosecuted," Brown says.

Jun
09
2009

11:06 AM

Why NYSE Arca is Proposing to Expand the Penny Pilot for Options

By: twilemon: File Under: NYSE Amex, NYSE Arca, Options

From Todd Wilemon: NYSE Arca has filed a proposal with the SEC to expand the penny program to the top 300 most-actively traded names. This would cover about 75 percent of the daily option trading volume. We have also proposed extending the pilot through 2010. We feel this is the right way forward, giving participants the true bid/ask spread while providing the marketplace with complete transparency.

May
29
2009

10:50 PM

'NYSE Asks SEC to Strike Down Nasdaq, Bats Plan to Hold Orders'

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca, NYSE Euronext

As our letter says, NASDAQ and BATS are seeking "to:modify their respective routing strategies to provide preferential treatment for their own market participants before routing orders to away markets" and "provide non-public order information to a select class of market participants at the expense of a free and open market system."

May
29
2009

12:09 PM

'Key Issues Facing the Financial Markets: Time to Re-Engage'

By: Ray Pellecchia: File Under: Liffe derivatives, NYSE, NYSE Amex, NYSE Arca, NYSE Euronext, Universal Trading Platform

Our market structure has gone astray, Larry Leibowitz told an industry market-structure conference this week; time for everyone to step up and engage in the dialogue about solutions before the opportunity passes.

May
20
2009

2:31 PM

SEC Trading Official Lays Out Concerns About Dark Pools, Transparency, Fragmentation

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca, NYSE Euronext

In addition to concerns about price discovery and accurate trade reporting, Brigagliano targeted indications of interest sent between dark pools as another potential concern for regulators.

May
19
2009

3:07 PM

Better Functionality thru a NEW Options Order Type

By: twilemon: File Under: NYSE Amex, NYSE Arca, Options

From Todd Wilemon: Well without further ado, I give you are newest order type. Drum roll, please! Please put your hands together, off your seat and on your feet, Ladies and Gentlemen I give you the …”WAIT Order!”

May
18
2009

4:22 PM

'Direct Edge's ELP Program Causing Market Brouhaha'; 'Private Exchanges Looking to Turn Back Clock'

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca

Flashing orders to a select group, even if the group is not limited by the market center's rules, runs contrary to other regulations, though, said Jamie Selway, managing director at White Cap Trading and former chief economist at Archipelago, one of the pioneering ECNs.

May
15
2009

8:11 AM

NYSE Arca Performance Update: Response Time Now Less Than One Millisecond

By: dweiss: File Under: NYSE Arca

From Dave Weiss: Additional systems work has improved NYSE Arca's response times from 2 milliseconds to under 1 ms. And we're not done yet.

May
11
2009

1:44 PM

Bigger Quotes at NYSE; New Order Type at NYSE Arca; Better Openings at NYSE Amex; and More

By: Ray Pellecchia: File Under: ETFs / Indexes, Liffe derivatives, NYSE, NYSE Amex, NYSE Arca

The average size of NYSE's quote improved to 1,381 shares in March from 771 in August 2008, a 79% increase. In the top 100 issues, quoted size surged to 13,440 shares on NYSE from 4,030 in November.

That's one bit of news from our U.S. Equities newsletter. More after the jump.

Apr
14
2009

10:03 AM

Expanding NYSE Arca Complex Order Book

By: twilemon: File Under: NYSE Arca, Options

From Todd Wilemon: Your favorite options trading platform that provides you with immediate, cost-effective electronic order execution will now be able to handle buy writes, delta neutral single-leg option orders (tied to stock or ETF), married puts and reversal conversions. This functionality is available for every issue listed on the NYSE Arca options platform.

Apr
08
2009

8:43 AM

Larry Leibowitz on Bloomberg TV @ 9 a.m. re: Restricting Abusive Short Selling

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca

Larry Leibowitz, our group exec VP in charge of U.S. Markets and Global Technology, is scheduled to be on Bloomberg TV at 9 a.m. today to talk about restricting abusive short selling.

Apr
01
2009

1:06 PM

For Traders of Gold- and Silver-Based Exchange-Traded Products, a Rebate for Trading Gold and Silver Futures

By: Ray Pellecchia: File Under: ETFs / Indexes, Liffe derivatives, NYSE Arca

Here's an excellent example of how the customer gains a very real and direct benefit from our having multiple markets and products under the NYSE Euronext umbrella.

Mar
26
2009

4:16 PM

Closing Argument

By: Ray Pellecchia: File Under: ETFs / Indexes, Listed Companies, NYSE, NYSE Amex, NYSE Arca

Deeper liquidity, more accurate price discovery, broader participation, all at one of the most critical times of the trading day.

Mar
24
2009

1:17 PM

Exchanges File Joint Proposal to SEC for Modified Uptick Rule and Circuit Breaker

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca

"The Commission can, we believe, adopt a similar but simple, effective and more
prohibitive Short Sale restriction that takes into account how equity trading has changed
over the past several years since the original Uptick Rule was eliminated."

Mar
13
2009

9:50 AM

Traders Mag on NYSE Rebates, Option Breakpoints and Sponsored Access

By: Ray Pellecchia: File Under: NYSE, NYSE Arca, Options

Three items of particular interest in the March Traders Magazine

Mar
10
2009

4:54 PM

The Uptick Rule Rally

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca

I actually don't know if today's rally had anything to do with talk of restoring some version of the "uptick rule," which is a restriction on short selling in downward-moving markets. Correlation, causation, who cares -- I'll take today's rally and leave the analysis to the experts.

There still are some people regarded as experts, yes?

Mar
09
2009

4:17 PM

Barclays Capital Expands as NYSE Designated Market Maker; NYSE Arca Europe Launches; Trading Volumes for February; China Green Agriculture Lists on NYSE Amex

By: Ray Pellecchia: File Under: Liffe derivatives, NYSE, NYSE Amex, NYSE Arca, NYSE Euronext

Four bits of news today from these parts.

Mar
06
2009

2:36 PM

Traders Mag Interviews Author of Stock-Trading-Tax Legislation

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca

"Every year, roughly 5,000 bills are introduced, while a few hundred pass, he added. DeFazio's hope this time is that the tax becomes part of the Ways and Means conversation about how to recoup the TARP funds. 'I am throwing it into the mix,' he said, 'but I have no expectations.'"

Mar
05
2009

2:45 PM

NYSE Chief Renews Call for Uptick Rule

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca, NYSE Euronext

Duncan: "If the question is, 'Would people think it's a fairer game if we had an uptick rule?' the answer is 'Yes.'"

Mar
04
2009

2:34 PM

Trading Tax Would 'Decimate' Markets, NYSE's Niederauer Says (Bloomberg)

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca, NYSE Euronext

"It would decimate liquidity in the market in an unprecedented way," my boss said.

Mar
02
2009

5:29 PM

The BATS Decoder Ring, Episode 1

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca, NYSE Euronext

But what Mr. Ratterman doesn't say is that he's making an apples-and-oranges comparison. BATS trades NYSE-, NYSE Amex- and Nasdaq-listed issues, while NYSE trades only NYSE-listed issues. Let's look at the real, apples-to-apples comparison.

Feb
27
2009

12:18 PM

Universal Trading Platform Brings More Speed, Efficiency, Plus Lower Costs

By: Ray Pellecchia: File Under: NYSE, NYSE Arca, NYSE Euronext, Universal Trading Platform

To me, all of these changes -- ranging from lower latency for low-touch trading to enhanced capabilities for high-touch trading -- demonstrate that NYSE Euronext is continually looking to hone our diverse platforms to serve our diverse customer base. The global marketplace is becoming ever more competitive, and NYSE Euronext is becoming more competitive right along with it.

Jan
29
2009

10:17 AM

NYSE Arca's Multi-Product FIX Gateway

By: dweiss: File Under: NYSE Arca

NYSE Arca's FIX gateway offers access to eight NYSE Euronext platforms.

Jan
16
2009

8:52 AM

NYSE Arca's Closing Auction on Monday Crossed 31 Million SPDR Shares

By: Ray Pellecchia: File Under: ETFs / Indexes, NYSE Arca

Even though the NYSE Arca Auctions trade millions of ETF shares every day, this recent feat is worth notice. As the leader in ETF liquidity and listings, NYSE Arca is also a source of block liquidity using NYSE Arca Auctions.

Jan
14
2009

11:45 AM

ArcaDirect Order Entry -- It's Fast

By: dweiss: File Under: NYSE Arca, Universal Trading Platform

ArcaDirect is NYSE Arca's lowest-latency order-entry platform.

Jan
09
2009

9:09 AM

Double-Digit Growth in NYX U.S. and European Equities and Derivatives Trading Volume in 2008

By: Ray Pellecchia: File Under: ETFs / Indexes, Liffe derivatives, NYSE, NYSE Amex, NYSE Arca, NYSE Euronext, Options

Plus, results for December 2008.

Jan
02
2009

12:46 PM

NYSE Euronext CEO Duncan Niederauer on 2008: Volatile, Orderly...and Tiring!

By: Ray Pellecchia: File Under: Bonds, ETFs / Indexes, Liffe derivatives, NYSE, NYSE Amex, NYSE Arca, NYSE Euronext, Options

One of his key points: Using transparent, regulated markets to bring more sunlight and liquidity to opaque, less regulated securities would be preferable to writing reams of new regulations.

Dec
19
2008

3:08 PM

MOC/LOC Changes Postponed; Arca Adds Depth Routing; Short-Sale Woes; SLP Program Starts; NYSE Fights Back; Nasdaq Extends Listing Rule Suspension

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

And Jay Leno names the Ponzi scheme.

Dec
19
2008

8:33 AM

Quarterly Expiration Today

By: Ray Pellecchia: File Under: NYSE, NYSE Amex, NYSE Arca

And which would you prefer: Pottersville or Bedford Falls?

Dec
08
2008

10:00 AM

Linkstock: November Volume, ETF Screener, NYX To Present At Financial-Services Conference

By: Ray Pellecchia: File Under: Liffe derivatives, NYSE, NYSE Amex, NYSE Arca, NYSE Euronext, Options

NYSE Euronext registered increased trading activity on U.S. cash equities and options exchanges in November and strong year-to-date volume gains across all its global multi-asset platforms.

Plus: One very dark day in rock-music history.

Dec
05
2008

9:50 AM

WSJ: 'SEC Approves, Again, NYSE's Fees for Data'

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

This is an important decision that enables the exchanges to bring data products to market in a streamlined and competitive manner. The SEC worked long and hard to get to the right answer. The winners will be data-consuming customers and the public in addition to the exchanges themselves.

Nov
14
2008

12:28 PM

Starting Monday, 17 Nov., No More NYSE 'Sub-Penny Halts'

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

We've changed our system to be able to recognize sub-penny prices at which other markets might quote those stocks, so we can route to those markets if appropriate, as required by Reg. NMS if another market posts a better price.

Oct
24
2008

8:31 AM

Opening Bell Will Ring 9:30AM As Usual Today

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

We've been hearing a lot of rumors of a market closure or delayed opening opening today. All untrue. Opening Bell will ring at 9:30 a.m. as usual.

We've also been hearing the question, "What are the circuit-breakers again?" So just for reference, and with the fervent hope we won't need them, here is a link to our clock graphic, and an explanation of how they work.

Oct
23
2008

3:04 PM

'Exchanges To Tackle Erroneous Trades Issue'

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

Here is welcome news for the trading community: "The major exchanges, in the wake of trading snafus in recent weeks, vowed to work together to craft and synchronize policies targeting error trades."

Oct
23
2008

2:43 PM

NYSE Arca Options Expands Free Auction Trading In Penny Pilot Issues

By: Amy Farnstrom: File Under: NYSE Arca, Options

For example, if an auction occurs at $1.20, and you have entered an order to pay $1.20 or greater, or a sell order priced at $1.20 or less, and these orders do not participate in the auction but trade as part of an auction imbalance during sweep, you will trade for free.

Oct
17
2008

3:59 PM

Arca Targets Erroneous Trades; Amex Starts Transformation; and Why OTC Derivatives are OTC

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

"That will give the competing markets a chance to refresh their top-of-book prices, thereby preventing customers from executing at wildly different top-of-book prices."

Oct
14
2008

5:19 AM

Time to Slow Markets Down, But Not to Stop Them Altogether

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

When the water runs low in the stream, you see the rocks at the bottom. In the absence of euphoria, we see things as they really are. In stock markets, neither high-tech nor high-touch is perfect all the time, which is why having a combination or choice of the two is valuable.

Oct
01
2008

8:42 AM

UPDATE: Moved to 1:15 p.m.: Issuer Webcast Today on Market Turmoil, Amex, Short Sales, Market Model, More

By: Ray Pellecchia: File Under: Miscellaneous, NYSE, NYSE Arca, Options

And instead of my usual Today in History feature, here's a look at the future: we announced last night that we completed the acquisition of the Amex. Here's the press release, and an excellent .pdf recounting Amex's history. Welcome aboard, new colleagues.

Sep
26
2008

2:43 PM

The Difference Between NYSE and Nasdaq: Who Is Master, Man or Machine?

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

I don't intend this to diss electronic markets. Again, they did exactly what they were designed to do, and that's exactly what some people want markets to do. But I do intend to underscore something that is often misunderstood and misstated: The real struggle in markets is not man versus machine; it is machine versus man-with-machine.

There is a clear difference between NYSE Euronext and Nasdaq OMX, as illustrated last Friday, and that difference is choice for issuers and their investors and traders, and that difference is people. Even in this day of automation, choice and people really can and do make a positive difference.

Sep
24
2008

9:05 AM

Update on Do-Not-Short List, Plus Webcast Today About SEC's Order

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

On the same subject, we're doing a Webcast to our listed issuers today about the SEC's order and its implications for the market, featuring our CEO Duncan Niederauer and Rick Ketchum, CEO of NYSE Regulation. It's available for anyone to tune in.

Sep
23
2008

3:57 PM

Normal Close on NYSE Today

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

"Consistent with the NYSE understanding of SEC Short Sale Rule and upon advice from the SEC, the NYSE will conduct a normal close today for its securities. NYSE expects its Specialists to close their securities using standard closing procedures."

Sep
23
2008

8:35 AM

Another 40 Issues Added to the Do-Not-Short List

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

This Trader Update has the additional names, even in a handy Excel spreadsheet. Separately, on the historical trivia front: greetings from the New Jersey Stock Exchange.

Sep
22
2008

9:55 AM

Updated List of NYSE Issues for SEC's Short-Sale Order

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

We just issued a Trader Update with the latest on the SEC's short-sale order, including the addition of 31 issues.

Sep
19
2008

2:36 PM

Record NYSE volume at today's open

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

I was on the trading floor at the open today, and it felt like it hadn't felt in months -- more people, more intensity, a lot of capital being put to work. I've got to tell you, it felt good. I don't know if it was the quarterly expiration, the market rally, the news on short selling, the news on a federal solution to the financial crisis, or some combination of these. It wouldn't surprise me if today's participation by the trading floor in NYSE volume is again markedly higher than in the recent past.

Sep
18
2008

12:31 PM

Quarterly Expiration Plus S&P Rebalance Takes Place Tomorrow

By: Ray Pellecchia: File Under: NYSE, NYSE Arca, Options

Plus, on this day in 1873: Cooked.

Jul
09
2008

10:09 AM

Complex Order Book Coming in August to NYSE Arca Options

By: Amy Farnstrom: File Under: NYSE Arca, Options

Here's the scoop on how our Complex Order Book will work, starting in the first part of August.

Jun
05
2008

9:12 AM

'SEC Lays Ground for Real-Time Web Stock Quotes'

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

The SEC's action is is not a final approval, but it is a big step forward. It's been a long process, but it's leading to the right result for investors.

Apr
22
2008

8:47 PM

NYSE Arca Announces New Pricing for NYSE-Listed Issues

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

Mid-Point Passive Liquidity orders offer price improvement, better fill rates and now, attractive rebates for active customers.

Apr
14
2008

10:06 AM

Delayed-Opening Industry Test to be Held on 7 June, 2008

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

Plus, to lift the heart a bit on a Monday morning: the sun lifts the rain in veils of mist, and a photographer in my town captures it.

Apr
09
2008

5:27 PM

Buyside decries fragmentation...

By: Ray Pellecchia: File Under: MatchPoint, NYSE, NYSE Arca

...and says better connectivity between dark pools and exchanges is the best solution. Which is exactly what we're trying to do.

Apr
04
2008

12:12 PM

NYX Business Summary for March

By: Ray Pellecchia: File Under: Liffe derivatives, NYSE, NYSE Arca

Transaction growth across the board and across the Atlantic. Plus: numerical trivia, weekend edition.

Mar
31
2008

4:33 PM

Trading stocks and options on NYSE Arca gets cheaper, effective tomorrow

By: Ray Pellecchia: File Under: NYSE Arca

On an afternoon when the Yanks' Opening Day got rained out, a bit of good news.

Mar
18
2008

11:48 AM

'There are now more than 55 equity venues in the U.S.'

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

So says Tabb Group CEO and founder Larry Tabb, quoted in a brief Securities Industry News article with the wonderfully succinct headline, "Equity Venues > 55."

So much for the NYSE-Nasdaq duopoly you read so much about a couple of years ago. Competition appears to be more alive and well than ever in the equity markets.

Mar
14
2008

4:33 PM

Clips on the NYSE Arca 'Cloud'

By: Ray Pellecchia: File Under: NYSE Arca

Cloud is not the official name, and in fact the initiative doesn't really have a name, but I like the word because in this case, it fits. Orders that don't get matched within NYSE Arca are routed through this cloud of dark indications on their way to going out to another market. If they find a match in the cloud, they save time in terms of latency and have an opportunity to get price improvement. They also have a better opportunity to get filled. So in terms of liquidity, I hope this dark cloud is a rainmaker for you.

Forgive me.

Mar
12
2008

3:51 PM

NYSE Arca 1st Exchange to Route to Diverse, Non-Displayed Liquidity

By: Ray Pellecchia: File Under: NYSE Arca

"-- Increased potential for filling orders;
-- Potential for price improvement;
-- Extraordinary access to liquidity with 29 confirmed participants, comprising the largest collection of non-displayed liquidity pools available in the market;
-- Access to 3 1/2 times the number of routing destinations offered by the nearest competitor."

Jan
24
2008

6:05 AM

Update: NYSE Arca joins the Bugs Bunny spinning speedometer

By: Ray Pellecchia: File Under: NYSE, NYSE Arca

An update: NYSE Arca traded 2.8 billion shares yesterday, a new record. ArcaBook recorded an all-time high 670 million updates. Arca processed 47.4 million orders, believed to also be a record.

Dec
12
2007

8:42 AM

New Year's resolution: trade Nasdaq stocks on NYSE Arca, save more money

By: Ray Pellecchia: File Under: NYSE Arca

"By trading more of their Tape C [Nasdaq] volume on NYSE Arca, customers will reduce their net rate by 80% to $0.0001/share."

Oct
18
2007

4:50 PM

The Crash of 1987 and today

By: Ray Pellecchia: File Under: Liffe derivatives, NYSE, NYSE Arca, Options

Morituri te salutamus.

Leave it to Art Cashin -- a classic himself -- to come up with a classic reference in a historical language. Not up on your Latin? Translation and some Crash of 1987 reflections after the jump.

Sep
27
2007

8:28 AM

New front in 'listings war'; condemning regulators; putting financial writers on the couch

By: Ray Pellecchia: File Under: Miscellaneous, NYSE Arca

...and other links for 27 Sept. 2007.

Sep
26
2007

2:00 PM

NYSE Arca's pricing advantage for trading Nasdaq stocks

By: Ray Pellecchia: File Under: NYSE Arca

Here's a comparison of NYSE Arca fees for Tape C (Nasdaq) stocks vs. those other guys. OK, no mystery as to who wins, but we're just saying.

Plus, from the archives: Ike (and the market) suffer an attack; and Her Majesty's a pretty nice girl.

Sep
24
2007

1:43 PM

Edward G. Boyle named VP-NYSE Arca Options; penny pilot outperforms competition nationally

By: Amy Farnstrom: File Under: NYSE Arca, Options

NYSE Arca Options has consistently offered the best price FOUR TIMES MORE OFTEN than any other market center for options that are included in the SEC’s penny pilot program.

Sep
24
2007

11:04 AM

Best place to trade Nasdaq stocks? Hint: it's not Nasdaq, says this study

By: Ray Pellecchia: File Under: NYSE Arca

I don't have the full report, but judging from the chart, it looks to me like the marketplace closest to the optimal "good prices and fast" is none other than NYSE Arca.

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