The NYSE will offer two types of reserve orders for upstairs customers by P1OBWG


									Coming Soon to the New York Stock Exchange: Reserve Orders for
Electronic Entry
-- Reserve Orders Will Offer Customers Greater Choice,
Flexibility --

In response to customer interest, the New York Stock Exchange is
planning to introduce in the coming months two types of reserve
orders for electronic entry. The new order types will provide
customers with greater choice and flexibility in how they access
the unparalleled liquidity of the NYSE.

Phase 1
    To be introduced in 2Q 2008 with a 100-stock pilot;
    Minimum published amount: 100 shares;
    Minimum published amount will be displayed to specialists
     physically on the NYSE trading floor and on NYSE OpenBook®;
    Will not be available to the specialist API and therefore
     not eligible for electronic price improvement from the
    Both the displayed portion and the hidden, reserved portion
     will participate in all other electronic executions;
    In the event of a manual trade, will have trade-through
     protection on the trading floor by being included in the
     aggregate with orders that are eligible to participate in
     that trade;
    Minimum published balances of fewer than 100 shares will be

Phase 2
    An additional version of the reserve order will be
     introduced in 3Q 2008, also with a pilot in the same 100
    Published quantity will be zero;
    Completely dark – will not be displayed to specialists
     physically on the trading floor or on NYSE OpenBook®;
    Not eligible for inclusion in manual, floor-based trades;
     cannot be probed for block trades on the floor; and is not
     trade-through protected for such trades;
    In Phase 2, customers who continue to elect the first
     version of the Reserve Order – also called the Block
     Reserve version – will continue to publish at least 100
     shares and in doing so will have their orders available for
     trade-through protection for manual, floor-based trades.
     In addition, floor brokers interested in trading in size
     will be able to probe this order type on request and in a
     fully auditable fashion.

Both phases – as well as the ability to extend the pilot to all
securities – are subject to approval by the Securities and
Exchange Commission. In addition, both phases will be supported
through the NYSE Common Message Switch (CMS) and will be
available in the Common Customer Gateway (CCG) shortly at a date
to be announced.

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