From the press release:

Leaders in business, politics and higher education will gather at Emory University’s Goizueta Business School to share their views on the global financial crisis and the outlook for the future. The business summit, hosted by NYSE Euronext (NYX) and Goizueta Business School and entitled “Where Do We Go From Here? Leaders Discuss Lessons of the Global Financial Crisis and the Road Ahead,” will be held Wednesday, Sept. 2, from 11:30am – 1:00pm at Emory’s Schwartz Center for Performing Arts (1700 N. Decatur Road).

Panelists include: Daniel Amos, Chairman & CEO of AFLAC; Larry Benveniste, Dean of Emory’s Goizueta Business School; Frank Blake, Chairman & CEO of The Home Depot; U.S. Senator Saxby Chambliss; Dennis Lockhart, President & CEO of Federal Reserve Bank of Atlanta, and Duncan L. Niederauer, CEO of NYSE Euronext. CNN Correspondent Susan Lisovicz will moderate the event. …

… The event is FULL, with no more seats available to the general public. However, the panel discussion will be streamed live on the following sites: NYSE Euronext as well as CNN.com and Emory.edu.

An archived version also will be posted on the NYSE Euronext site.

Hope you’ve had a moderately manageable Monday. Me, I’m digging out after a few days off. I note that the canicular air of August has been pushed out by a cool breeze that, last night, made me think of baseball in October. Here’s hoping that I’ll be still thinking about baseball when it really is October; that is, that the Yanks still will be in it. Hope springs eternal, or maybe that should be autumnal. In the meantime, much to blog about in the coming days. Talk to you then.

ADY officials and guests celebrate on Wall Street.

Founder Leng You Bin and wife smile for the camera.

From Marisa Ricciardi: American Dairy, Inc. (NYSE: ADY) celebrated its June 8 transfer from NYSE Arca to NYSE on Tuesday, August 18 by ringing the Opening Bell and hosting a street event with Holstein cattle. Led by Founder and Chairman Leng You Bin, Co-Chairman Roger Liu and CFO Jonathan Chou, executives and guests posed for photos with Holstein to commemorate their move to the Big Board.

Congratulations to ADY for its great success traveling the pipeline within the NYSE Euronext marketplace. Given its impressive growth trend, it should remain NYSE-listed, as they say, until the cows come home.

ADY officials and guests celebrate on Wall Street.

Founder Leng You Bin and wife smile for the camera.

From Marisa Ricciardi: American Dairy, Inc. (NYSE: ADY) celebrated its June 8 transfer from NYSE Arca to NYSE on Tuesday, August 18 by ringing the Opening Bell and hosting a street event with Holstein cattle. Led by Founder and Chairman Leng You Bin, Co-Chairman Roger Liu and CFO Jonathan Chou, executives and guests posed for photos with Holstein to commemorate their move to the Big Board.

Congratulations to ADY for its great success traveling the pipeline within the NYSE Euronext marketplace. Given its impressive growth trend, it should remain NYSE-listed, as they say, until the cows come home.

From Todd Wilemon: Welcome back! Over the last three days, we have been taking an in depth look at each of the new order types that are coming to NYSE Arca Options on Aug. 24, 2009. If you happened to miss the first three, you can read them here, here and here.

After reading this post and completing your homework, send your finished work to 11 Wall Street and we will send you back your merit badge on PNP order types. The badge is suitable for framing or wearing on a good looking sash or scarf. Just joking, NYSE Euronext does not hand out merit badges and I didn’t really give you any homework. But you should feel really good about yourself if you take the information we’ve given you over the last few days and put some more oomph in your trading arsenal.

This is our last new order type that will be going live Monday. We saved the best for last. Not only is this order type innovative, it is dynamic in that it always keeps your order at an aggressive price in the market.

Coming to the NYSE Arca Options Exchange on Monday, I give you the PNP+ Complex order type. It is so special, it hums its own theme song, “Oh Lord it is hard to be humble, when you’re perfect in every way. I can’t wait to look in the mirror; I get better looking each day. To know me is to love me…”

PNP+ Complex orders guarantee the sender price improvement over the screen markets. Upon receipt, our matching engine will validate the price of a PNP+ Complex order against the leg markets and if the order is marketable against these leg markets or would post to the book at a price less than one MPV (minimum price variation) away from one of the leg markets, the order will price back one MPV from the derived (net price) BBO and post to the complex order book.

The smallest MPV will be used when multiple MPVs are involved, i.e. if one leg trades with a .05 MPV and another leg trades with a .10 MPV, the complex order will post at a price that is priced back .05 in price.

Take a quick breather with me here…whew, ok! Here is the best part:

If leg markets improve so a resting PNP+ Complex order is marketable, the PNP+ Complex order will price back one MPV and repost.

If the leg markets worsen, the PNP+ Complex order will repost at the more aggressive price, up/down to the net debit or credit price of the order, always remaining one MVP distance from the leg markets.
PNP+ Complex orders will track the screen markets to both better and worse prices, always maintaining a one MPV buffer. If an incoming marketable contra side PNP+Complex order is received, it will immediately trade against the posted order, as long as the execution price is at least 1 MPV away from either side of the complex BBO.

In a nutshell, this means you are ALWAYS guaranteed price improvement over the screen markets, with a dynamic order type that keeps you in the market at an aggressive price!

PNP+Complex orders can be sent to NYSE Arca Options for ALL option symbols, for up to 5 legs, one of which can be an underlying equity or ETF.

The complex order book transaction fees are .10 per side for inter-firm executions and .05 per side for intra-firm executions. (see the complete NYSE Arca Options fee schedule at http://www.nyse.com/pdfs/Options_Fee_Schedule.pdf )

Once again, English majors, you can step out for a cup of coffee while we go over the technical specifications. It’s Friday, get yourself a Danish, too!

PNP+Complex orders will be accepted via FIX and ArcaDirect.

Populating FIX Tag 18 with “M” will designate the order is PNP+Complex.
ArcaDirect (Extended Execution Instructions) will be populated by “M.”
Time in Force can be either IOC or Day.
Both market and limit orders will be accepted.

Let us review.

PNP+ Complex guarantees the sender price improvement over the screen markets, without a Price Improvement Auction. It will never interact with leg markets.

If the PNP+ order is less than 1 MPV from all leg prices, the Complex matching engine will price back and post to the complex order book.

The smallest MPV will be used when multiple MPVs are involved.

PNP+Complex orders will track the screen markets to both better and worse prices, always maintaining a one MPV buffer, up/down to their net debit/credit price if sent as a limit order.

If you have questions regarding this new order type or any other order types please contact your Relationship Manager at relationshipmgt@nyc.com or call the options trade desk at 877-729-7291.

Thank you for joining us over these last four days. It is all of our hopes here at NYSE Arca Options that you use and profit with these four new order types going live Monday Aug. 24.

Trade ‘em Up!

TW

Ah, to be young. To be young, and have an idea. To be young, have an idea, and have it make the world a better place. To be young, have an idea that makes the world a better place, and have do something with MTV besides watching it. To be young, … um, sorry, got carried away.

This looks like a cool program. Hope you’ll consider participating or passing along to someone else if you (like me) don’t meet the eligibility criteria (he said, squinting through his old-man reading glasses).

From the press release issued today:

MTV’s 24-hour college network mtvU and NYSE Euronext today launched “Movers & Changers,” a nationwide challenge to uncover the country’s next social entrepreneurs who are poised to make a positive impact on society through their innovative business concepts.

Competition finalists will be featured in the new mtvU “Movers & Changers” short-form series, premiering Monday, November 23rd on mtvU, and compete for the ultimate prize of $25,000 in start-up money and the once-in-a-lifetime opportunity to ring the Opening Bell(SM) at the New York Stock Exchange. Before capturing the ultimate prize, each team of finalists will present their business plans to the “Movers & Changers” Board, a gathering of the top business and pro-social minds including Blake Mycoskie, founder and Chief Shoe Giver of TOMS Shoes, a for-profit company that has given over 150,000 pairs of shoes to children in need with its One-for-One philosophy, giving a pair of new shoes to a child in need with every pair of shoes sold. Additional board members will be announced at a later date.

“College students are always on the frontlines of social change. With their boundless creativity, they have the potential to unlock some of the major issues facing the world today to steer us in a positive direction,” said Chris McCarthy, Senior Vice President of Strategic Development and Digital TV Networks, MTV. “By partnering with NYSE Euronext, we’re able to recognize and honor these future leaders in a way that not only promotes positive social action, but provides them with a platform to interact with the most influential minds in the business world.“

“Partnering with MTV on ‘Movers & Changers’ enables us to effectively reach and teach the next generation of entrepreneurs and business leaders at a time when new ideas and innovation are critically important to the future of the U.S. and global economies,” said Duncan L. Niederauer, Chief Executive Officer, NYSE Euronext. “Incorporating a socially responsible platform into the program sends a powerful and positive message to young people, one that we hope stays with them throughout their careers.”

The Competition
“Movers & Changers” calls on 16-28 year old college students, individually or in teams of up to three people, to develop and produce a compelling business proposal to revolutionize the future of the world’s social market. Ideas must be creative, original, and scalable to large corporations, in addition to illustrating determination and persistent optimism. Students can submit entries online at http://www.moversandchangers.com and are encouraged to submit a video “elevator pitch” application beginning at noon on August 17, 2009 through midnight on October 16, 2009.

The competition will culminate at NYSE Euronext’s Global Entrepreneurship Week: Mentoring Madness, where students from around the world will gather with business leaders and hear leading entrepreneurs talk frankly about how young people can create their own futures. The top three “Movers & Changers” teams or individuals will fly to New York City for “Mentoring Madness,” to network and connect with prominent business leaders and present their pitches to the NYSE “Movers & Changers” Board.

For more information on “Movers & Changers,” please visit http://www.moversandchangers.com .

Hope to meet those Movers and Changers when they get here. Good luck in the competition, folks.

From Todd Wilemon: Welcome back! Over the last two days, we have been taking an in depth look at each of the new order types that are coming to NYSE Arca Options Aug. 24, 2009. If you happened to miss the first two, you can read them here and here.

Can you feel the excitement building as we get closer and closer to these order types going live on Monday?

Since this post is the third in our series, let us talk about our most straightforward, yet still innovative, new order type. Please hold the applause ’til the end. Just kidding, you can applaud any time you want.

Drum roll please! Introducing the Adding Liquidity Only order, and I bet you dollars to doughnuts that you will fall in love with this order type.

Adding Liquidity Only orders, or “ALO” if you love those Three Letter Acronyms, are always limit orders, they never take liquidity or route to another exchange. Savor the possibilities. Like all of our innovative order types, the ALO is designed to give you the power to control how you interact in the marketplace on NYSE Arca.

ALO order type follows the “K.I.S.S. principle,” and for once this week I’m not talking about music, but rather the principle of “keep it simple, sugar.”

Here we go:

ALO are limit orders with a Time in Force (TIF) of day.

ALO orders never take liquidity, neither on Arca, nor by routing to an away exchange. If an ALO order can’t post to the NYSE Arca consolidated book, it will cancel back to the order sending firm.

ALO orders can NOT be market orders, IOC (Immediate or Cancel), GTC (Good till Canceled), AON (All or None), FOK (Fill or Kill), NOW or PNP B.

ALO orders with reserve will be supported. Keep in mind that if refreshing the display portion of the reserve order would result in taking liquidity, the ALO reserve order will be canceled back to the order sending firm.

Once again it is time for all the English majors to step out for a cup of coffee while we go over the technical specifications. You might bring back a cup of coffee for us this time! …or not, we won’t hold it against you.

ALO orders will be accepted via FIX and ArcaDirect.

Populating FIX Tag 18 with “6” will designate the order is a PNP. ALO orders will be identified by populating FIX Tag 9417 (Extended PNP) with “A.”

For ArcaDirect, Extended PNP will be populated with “A.”

Let us review. (You never know, I might throw a pop quiz at you one of these times.)

–ALO orders never take liquidity or route to other markets.
–ALO orders are limit orders only with Time in Force (TIF) of day.
–Reserve ALO orders will be supported.
–ALO orders with PNP B instructions will be rejected.
–ALO orders cannot be market orders, IOC, GTC, AON, FOK or NOW

If you have questions regarding this new order type or any other order types please contact your Relationship Manager at relationshipmgt@nyc.com or call the options trade desk at 877-729-7291. See you tomorrow.

Trade ‘em Up!

TW

From my colleague Steven Poser in Strategic Market Analysis:

The debate regarding high-frequency trading has become muddled by confusion over high-frequency trading itself, which generally provides liquidity to the market, and flash-type orders. The NYSE agrees that flash order types are not in the market’s best interests, but disagrees with those who try and lump that activity with beneficial high-frequency trading.

One predicted beneficial effect of High Frequency Trading (HFT), should be lower quoted spreads (the difference between the bid price and the offer price on a stock), in stocks where high-frequency activity is common. High-frequency traders tend to be most prevalent in the highest-volume stocks, because such stocks afford more opportunities to execute high-frequency strategies, with lower risk.

We compared average quoted spreads on the NYSE in the top 100 NYSE-listed issues (by share volume) in the 2002-2006 time period, with data since April 2007. This represents pre- and post-Reg. NMS (excluding the January - March 2007 period, just before and just after implementation of required exchange routing). We used these periods because we assume that high-frequency trading became more common following Reg. NMS implementation.
There are many factors that impact quoted spreads: individual stock news, market microstructure and overall market volatility. The below chart shows volatility (as measured by the S&P 500 VIX®) is a major factor in spreads (click chart to enlarge).

We adjusted for variations in VIX by breaking the historical spreads into categories based on several VIX buckets: VIX below 15%, VIX between 15% and 25%, VIX between 25% and 35% and VIX between 35% and 45%. Although VIX rose above 45% during the height of the market’s volatility last year, we have no comparable period between 2002 and 2006. Our research shows that for similar levels of VIX, spreads in high-volume NYSE stocks on the NYSE narrowed between 7.5% and 46.4% from the before to the after period.

The story is similar for Nasdaq issues. Although the profile differs, based on VIX levels, spreads for Nasdaq’s highest volume stocks fell between 6% and 48% during the same time period.

We do not see a positive impact for spreads across all issues. NYSE spreads only narrow for levels of VIX below 15%, and Nasdaq spreads improve for VIX levels below 25%. In all cases, even where there is an improvement, it is far smaller when measured across all stocks than for high volume stocks only.

The table below summarizes the statistics for NYSE and Nasdaq (click table to enlarge):

Conclusion: Spreads have narrowed since.Reg. NMS implementation for the highest-volume stocks on both the NYSE and Nasdaq, after adjusting for similar levels of volatility, as measured by the CBOE VIX index. We chose Reg. NMS as a break point because it represented a major change in how all exchanges routed and also approximates the time when NYSE moved to an electronic market. We acknowledge that Nasdaq trading was more heavily electronic in the 2002-2006 period than NYSE trading, but expect that high-frequency trading increased across all venues.

We do not see a similar pattern when spreads are averaged (equally weighted) across all NYSE or Nasdaq stocks. We use all stocks as a proxy for lower-volume issues, since the highest-volume issues make up a very small share of all issues. Equal weighting essentially emphasizes low-volume issues. Spreads generally widened averaged across all NYSE and Nasdaq stocks, during periods of similarly high volatility, and narrowed during the least-volatile periods.

Although the NYSE’s new market model may have had some positive impact on higher-volume stocks, the similar lower-spread experience on Nasdaq-listed issues, we believe, validates that HFT is likely a positive factor in market quality for high-volume issues, where these participants are present. The lack of across-the-board spread improvement in lower-volume issues, where HFT is less present, further highlights the generally positive impact from this activity.

From my colleague Steven Poser in Strategic Market Analysis:

The debate regarding high-frequency trading has become muddled by confusion over high-frequency trading itself, which generally provides liquidity to the market, and flash-type orders. The NYSE agrees that flash order types are not in the market’s best interests, but disagrees with those who try and lump that activity with beneficial high-frequency trading.

One predicted beneficial effect of High Frequency Trading (HFT), should be lower quoted spreads (the difference between the bid price and the offer price on a stock), in stocks where high-frequency activity is common. High-frequency traders tend to be most prevalent in the highest-volume stocks, because such stocks afford more opportunities to execute high-frequency strategies, with lower risk.

We compared average quoted spreads on the NYSE in the top 100 NYSE-listed issues (by share volume) in the 2002-2006 time period, with data since April 2007. This represents pre- and post-Reg. NMS (excluding the January - March 2007 period, just before and just after implementation of required exchange routing). We used these periods because we assume that high-frequency trading became more common following Reg. NMS implementation.
There are many factors that impact quoted spreads: individual stock news, market microstructure and overall market volatility. The below chart shows volatility (as measured by the S&P 500 VIX®) is a major factor in spreads (click chart to enlarge).

We adjusted for variations in VIX by breaking the historical spreads into categories based on several VIX buckets: VIX below 15%, VIX between 15% and 25%, VIX between 25% and 35% and VIX between 35% and 45%. Although VIX rose above 45% during the height of the market’s volatility last year, we have no comparable period between 2002 and 2006. Our research shows that for similar levels of VIX, spreads in high-volume NYSE stocks on the NYSE narrowed between 7.5% and 46.4% from the before to the after period.

The story is similar for Nasdaq issues. Although the profile differs, based on VIX levels, spreads for Nasdaq’s highest volume stocks fell between 6% and 48% during the same time period.

We do not see a positive impact for spreads across all issues. NYSE spreads only narrow for levels of VIX below 15%, and Nasdaq spreads improve for VIX levels below 25%. In all cases, even where there is an improvement, it is far smaller when measured across all stocks than for high volume stocks only.

The table below summarizes the statistics for NYSE and Nasdaq (click table to enlarge):

Conclusion: Spreads have narrowed since.Reg. NMS implementation for the highest-volume stocks on both the NYSE and Nasdaq, after adjusting for similar levels of volatility, as measured by the CBOE VIX index. We chose Reg. NMS as a break point because it represented a major change in how all exchanges routed and also approximates the time when NYSE moved to an electronic market. We acknowledge that Nasdaq trading was more heavily electronic in the 2002-2006 period than NYSE trading, but expect that high-frequency trading increased across all venues.

We do not see a similar pattern when spreads are averaged (equally weighted) across all NYSE or Nasdaq stocks. We use all stocks as a proxy for lower-volume issues, since the highest-volume issues make up a very small share of all issues. Equal weighting essentially emphasizes low-volume issues. Spreads generally widened averaged across all NYSE and Nasdaq stocks, during periods of similarly high volatility, and narrowed during the least-volatile periods.

Although the NYSE’s new market model may have had some positive impact on higher-volume stocks, the similar lower-spread experience on Nasdaq-listed issues, we believe, validates that HFT is likely a positive factor in market quality for high-volume issues, where these participants are present. The lack of across-the-board spread improvement in lower-volume issues, where HFT is less present, further highlights the generally positive impact from this activity.

From Todd Wileomon: Welcome back to our second day of delving into new order types coming to NYSE Arca Options Aug. 24, 2009. If you missed the first post in this four part series, you can read it here: http://exchanges.nyse.com/archives/2009/08/blind.php

Helpful hint: This post is best read while listening to Debbie Boone singing,“You Lght Up My Life.”

Yesterday, we spent a few exciting minutes on the PNP Blind order. Today, we are going to spend time on PNP Light Only. The street lingo for these orders is “PNPLO”. Can you already see the progression we are taking? We are going from night to day — or blind to light only.

PNP LO orders are limit orders that do not route. Two key points to remember: this order will never route, and it will only trade against contra interest that is “lit up” or displayed, which gives you greater control over how it will interact on Arca, increasing your likelihood that this order will not inadvertently take liquidity, which increases your potential to make more trades resulting in a posting credit. We pay you. Cool, yes?

The only time a PNP LO order will be charged a liquidity-removing fee is if the order trades upon receipt against displayed interest on Arca. This will be the only time you will not be eligible for a posting credit. Incoming marketable PNPLO orders will trade with any displayed interest on the NYSE Arca consolidated order book and post any remaining balance if possible to the OX book. If after exhausting NYSE Arca volume another exchange is also at the NBBO, the remaining balance will cancel back to the order-sending firm. This way you can be ensured that the order does not lock or cross a market and is not routed away from NYSE Arca Options.

Also, once PNPLO orders are posted to the book they process like standard limit orders. Non-marketable orders will post to the book and stand their ground against updates to away markets’ BBO (Best Bid or Offer) (i.e. will not route or cancel) and follow standard order processing.

Like the generic PNP order type, if NYSE Arca is not at the NBBO (National Best Bid or Offer) upon receipt of a PNPLO order, the order cancels back to the firm.

Here is the coolest part of PNPLO order processing: they also cancel back if the order is marketable against any interest that is not disseminated to OPRA (Options Price Reporting Authority). This includes resting PNP Blind orders (while in the blind state) and the hidden portion of reserve orders. This way you will be more likely to trade with interest or orders that will cost you a liquidity-removing fee when that is your intention.

Once again the time has come for our English majors to step out and get a quick cup of coffee as we go through the technical specifications.

PNP LO orders will be accepted via FIX and ArcaDirect.

Populating FIX Tag 18 with “6” will designate the order is a PNP. PNP LO orders will be identified by populating FIX Tag 9417 (Extended PNP) with “L.”

For ArcaDirect, Extended PNP will be populated with “L.” TIF (Time in Force) accepted will be IOC (Immediate or Cancel), Day and GTC (Good till Canceled.)

Let us review the rules for PNP LO orders one more time. PNP LO orders are limit orders that do not route. If NYSE Arca is not at the NBBO upon receipt of PNP LO, the order cancels back to the firm. PNP LO orders also cancel if the order is marketable against any interest that is not disseminated to OPRA, e.g. resting PNP B orders (if the PNP B is in the blind state) and the hidden part of reserve orders. Non-marketable PNP LO orders will post to book and follow standard order processing.

OK enough information, time for our sing along. We will just sing the chorus of “You Light Up My Life.” Don’t worry, no one will hear you, and I won’t tell anyone that you know the words.

If you have questions regarding this new order type or any other order types please contact your Relationship Manager at relationshipmgt@nyc.com or call the options trade desk at 877-729-7291. See you tomorrow.

Trade ‘em Up!

TW

From Todd Wileomon: Welcome back to our second day of delving into new order types coming to NYSE Arca Options Aug. 24, 2009. If you missed the first post in this four part series, you can read it here: http://exchanges.nyse.com/archives/2009/08/blind.php

Helpful hint: This post is best read while listening to Debbie Boone singing,“You Lght Up My Life.”

Yesterday, we spent a few exciting minutes on the PNP Blind order. Today, we are going to spend time on PNP Light Only. The street lingo for these orders is “PNPLO”. Can you already see the progression we are taking? We are going from night to day — or blind to light only.

PNP LO orders are limit orders that do not route. Two key points to remember: this order will never route, and it will only trade against contra interest that is “lit up” or displayed, which gives you greater control over how it will interact on Arca, increasing your likelihood that this order will not inadvertently take liquidity, which increases your potential to make more trades resulting in a posting credit. We pay you. Cool, yes?

The only time a PNP LO order will be charged a liquidity-removing fee is if the order trades upon receipt against displayed interest on Arca. This will be the only time you will not be eligible for a posting credit. Incoming marketable PNPLO orders will trade with any displayed interest on the NYSE Arca consolidated order book and post any remaining balance if possible to the OX book. If after exhausting NYSE Arca volume another exchange is also at the NBBO, the remaining balance will cancel back to the order-sending firm. This way you can be ensured that the order does not lock or cross a market and is not routed away from NYSE Arca Options.

Also, once PNPLO orders are posted to the book they process like standard limit orders. Non-marketable orders will post to the book and stand their ground against updates to away markets’ BBO (Best Bid or Offer) (i.e. will not route or cancel) and follow standard order processing.

Like the generic PNP order type, if NYSE Arca is not at the NBBO (National Best Bid or Offer) upon receipt of a PNPLO order, the order cancels back to the firm.

Here is the coolest part of PNPLO order processing: they also cancel back if the order is marketable against any interest that is not disseminated to OPRA (Options Price Reporting Authority). This includes resting PNP Blind orders (while in the blind state) and the hidden portion of reserve orders. This way you will be more likely to trade with interest or orders that will cost you a liquidity-removing fee when that is your intention.

Once again the time has come for our English majors to step out and get a quick cup of coffee as we go through the technical specifications.

PNP LO orders will be accepted via FIX and ArcaDirect.

Populating FIX Tag 18 with “6” will designate the order is a PNP. PNP LO orders will be identified by populating FIX Tag 9417 (Extended PNP) with “L.”

For ArcaDirect, Extended PNP will be populated with “L.” TIF (Time in Force) accepted will be IOC (Immediate or Cancel), Day and GTC (Good till Canceled.)

Let us review the rules for PNP LO orders one more time. PNP LO orders are limit orders that do not route. If NYSE Arca is not at the NBBO upon receipt of PNP LO, the order cancels back to the firm. PNP LO orders also cancel if the order is marketable against any interest that is not disseminated to OPRA, e.g. resting PNP B orders (if the PNP B is in the blind state) and the hidden part of reserve orders. Non-marketable PNP LO orders will post to book and follow standard order processing.

OK enough information, time for our sing along. We will just sing the chorus of “You Light Up My Life.” Don’t worry, no one will hear you, and I won’t tell anyone that you know the words.

If you have questions regarding this new order type or any other order types please contact your Relationship Manager at relationshipmgt@nyc.com or call the options trade desk at 877-729-7291. See you tomorrow.

Trade ‘em Up!

TW