"NYSE Direct+ ushers in a new era of choice for our member firms and their customers to access the Exchange's unsurpassed depth and liquidity," said NYSE Chairman and CEO Richard A. Grasso. "In addition to delivering high-speed automatic order throughput, NYSE Direct+ provides the execution quality and efficiency that customers have come to expect from the Exchange. As with our full array of Network NYSE products and services, NYSE Direct+ leverages our advanced technology platform that helps make the Exchange the world's most reliable and cost-efficient equities market."
With NYSE Direct+, NYSE member firms have the choice of automatic execution on limit orders of 1,099 shares or less. A step beyond traditional electronic communication networks (ECN's), NYSE Direct+ orders are immediately executed against the full depth and liquidity of the NYSE market, not simply the limit order book. NYSE Direct+ is easy to use and implement and offers no-fee transactions.
During the implementation pilot, NYSE Direct+ execution speed averaged 2.5 seconds from the point of order entry to order confirmation to the corresponding Member Firm.
NYSE Direct+ orders are designated as NYSE Direct+ by member firms adding the indicator NX to the SuperDot order format. The auto execution feature is activated when the limit order's price is equal to or better than the NYSE published bid or offer. The order is executed and the transaction report is returned directly to the firm via SuperDot, with verification of a NYSE Direct+ execution. Trades are reported to the Consolidated Tape with an "E" identifier noting the automatic execution.
With technology at its core, NYSE Direct+ and the portfolio of Network NYSE market-information products and order-execution services offer a new dimension in customer choice by providing new and exciting ways for customers to access the Exchange's unparalleled liquidity and extensive information resources.
