The New York Stock Exchange today announced the completion of the first phase of the NYSE Hybrid Market implementation program with the addition of 2,703 NYSE-listed issues in the past two days.
The close of Phase I marks a significant step in the Hybrid Market's implementation program and the ongoing integration of new features and functionality.
By providing greater customer choice in order-execution services, the NYSE Hybrid Market expands customers' ability to trade instantaneously with certainty and anonymity without sacrificing the price improvement and market quality of the floor-based NYSE auction market.
Phase I, which began on Dec. 15, 2005, successfully introduced features such as e-Quotes, c-Quotes, s-Quotes, g-Quotes, reserves and layering of quotes among other functionality. Phase II implementation will begin shortly. By the conclusion of Phase II, specialists will have the ability to systemically narrow spreads and electronically provide price improvement for the first time. These and other enhancements will provide the trading floor community with the tools necessary to improve market quality electronically and at the point of sale. Additional Phase II details are forthcoming.