Post by Sapphire Capital on Jul 16, 2008 20:45:21 GMT 4
Number 08-34 06/30/2008
ATTENTION:
TO: ALL MEMBERS AND MEMBER ORGANIZATIONS
SUBJECT: AMENDMENT TO RULE 104.10 REGARDING SPECIALIST STABILIZING TRANSACTIONS AND EXTENSION OF CONDITIONAL TRANSACTIONS PILOT IN ALL SECURITIES
The purpose of this Information Memo is to advise members and member organizations that the NYSE has submitted to the Securities and Exchange Commission (the “Commission”), for immediate effectiveness, a filing to extend the operation of the pilot regarding specialist stabilization requirements applicable to Conditional Transactions under Rule 104.10(6) in all securities. The Stabilization Pilot program will now extend to September 30, 2008.
On October 26, 2007, the Commission approved the ability of NYSE specialists to effect Conditional Transactions pursuant to Exchange Rule 104.10(6) in all securities traded on the NYSE to operate as a pilot, initially through March 31, 2008. Conditional transactions are specialists’ transactions that establish or increase a position and reach across the market to trade as the contra-side to the Exchange published bid or offer. Under this current Conditional Transaction Pilot, NYSE specialists are allowed to effect Conditional Transactions in all securities traded on the NYSE.
As a result of the Stabilization Pilot extension, the provisions with respect to Conditional Transactions will continue through September 30th. Members and member organizations should refer to Information Memo 07-105 for details regarding the Stabilization Pilot Program.
Questions concerning this memo may be directed to Clare Saperstein at 212-656-2355, Patricia Bergholc at 212-656-4948 or John Saxton at 212-656-2324.
_______________________________________
John F. Malitzis
Executive Vice President
Market Surveillance
ATTENTION:
TO: ALL MEMBERS AND MEMBER ORGANIZATIONS
SUBJECT: AMENDMENT TO RULE 104.10 REGARDING SPECIALIST STABILIZING TRANSACTIONS AND EXTENSION OF CONDITIONAL TRANSACTIONS PILOT IN ALL SECURITIES
The purpose of this Information Memo is to advise members and member organizations that the NYSE has submitted to the Securities and Exchange Commission (the “Commission”), for immediate effectiveness, a filing to extend the operation of the pilot regarding specialist stabilization requirements applicable to Conditional Transactions under Rule 104.10(6) in all securities. The Stabilization Pilot program will now extend to September 30, 2008.
On October 26, 2007, the Commission approved the ability of NYSE specialists to effect Conditional Transactions pursuant to Exchange Rule 104.10(6) in all securities traded on the NYSE to operate as a pilot, initially through March 31, 2008. Conditional transactions are specialists’ transactions that establish or increase a position and reach across the market to trade as the contra-side to the Exchange published bid or offer. Under this current Conditional Transaction Pilot, NYSE specialists are allowed to effect Conditional Transactions in all securities traded on the NYSE.
As a result of the Stabilization Pilot extension, the provisions with respect to Conditional Transactions will continue through September 30th. Members and member organizations should refer to Information Memo 07-105 for details regarding the Stabilization Pilot Program.
Questions concerning this memo may be directed to Clare Saperstein at 212-656-2355, Patricia Bergholc at 212-656-4948 or John Saxton at 212-656-2324.
_______________________________________
John F. Malitzis
Executive Vice President
Market Surveillance