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NYSE Openbook<sup>tm</sup> To Go Live Tomorrow - A Look At NYSE Book's Buy And Sell Orders Now Available Off The Floor

Date 23/01/2002

The New York Stock Exchange (NYSE) is set to launch NYSE OpenBook, a revolutionary new market-information product that broadens customer access to depth-of-market data. With its debut tomorrow, Jan. 24, NYSE OpenBook for the first time offers off-floor market participants a view of the disclosed buy and sell interest in all NYSE-traded securities beyond the best bid and offer. It is also the newest addition to the suite of Network NYSE products and services.

Designed to further enhance the transparency of the NYSE market, NYSE OpenBook provides investors a comprehensive view of NYSE limit-order books for all NYSE-traded securities, enabling market professionals to see aggregate limit-order volume at every bid and offer price outside the displayed NYSE quote.

"NYSE OpenBook breaks new ground by enabling off-floor market participants to gauge the depth of NYSE limit-order books, essentially bringing the point-of-sale to traders' desktops," said NYSE President and Co-Chief Operating Officer Robert G. Britz. "NYSE OpenBook is part of our ongoing commitment to enhance market transparency in response to customer interest."

NYSE OpenBook directly responds to the surge in demand among market professionals for increased depth-of-market data following the change to a decimal-pricing system. With liquidity now spread over 100 price points compared with 16 points under the previous fraction-pricing system, market participants at times have found depth-of-market difficult to discern.

NYSE OpenBook will be provided via an electronic data feed to market-data vendors, broker-dealers and other investment professionals.

"Customers have expressed tremendous interest in NYSE OpenBook," said Thomson ILX Chairman Norman Epstein. "We anticipate that demand among professional users will be high."

Data is provided for all NYSE-traded securities and is updated every 10 seconds between 7:30 a.m. and 4:30 p.m.

NYSE OpenBook is just one of the many products delivered under Network NYSE, an extensive family of order-execution services and market-information products including NYSE Direct+, NYSE MarkeTrac, Institutional Xpress, NYSE e-Broker and NYSE CAP, a high-bandwidth, Internet- based NYSE extranet. With each new Network NYSE product, the NYSE offers customers an ever-widening array of order execution choices and information resources, bringing customers closer to the NYSE point of sale.

More information on NYSE OpenBook's technical details can be found at www.nysedata.com/openbook.