NYSE Plans to Introduce Reserve Orders for Electronic Entry

NEW YORK, March 28, 2008 – NYSE Euronext (NYSE Euronext: NYX) today announced that in response to customer interest, the New York Stock Exchange (NYSE) plans to introduce in the coming months two types of Reserve Orders for electronic entry.
“This is about providing our customers with greater choice and flexibility in how they access our market,” said Lawrence Leibowitz, Executive Vice President, U.S. Markets and Global Technology. “We’re continuing to advance the NYSE market model by focusing on our clients’ interests and developing new solutions such as Reserve Orders to serve their needs.”
Subject to Securities and Exchange Commission (SEC) approval, the NYSE plans to introduce Reserve Orders in two phases:
In Phase 1, Reserve Orders will have a minimum published or “displayed” amount of 100 shares. The published amount will be displayed on the NYSE trading floor and on NYSE OpenBook® . In the event of a manual trade, these orders will have trade-through protection on the trading floor.
In Phase 2, two types of Reserve Orders will be available:
Block Reserve Orders® will include a minimum published or "displayed" amount of 100 shares, will be included on NYSE OpenBook®, can be probed by floor brokers interested in trading in size and will be trade-through protected for manual floor trades.
An alternative version will have no displayed amount, will not be eligible for inclusion in floor-based trades and will not be trade-through protected for such trades.
The NYSE expects to begin rollout of Phase 1 in the second quarter with a 100-stock pilot, pending SEC approval.