NYSE Group, Inc. today announced that it has received approval from the U.S. Securities and Exchange Commission (SEC) to launch its next generation fixed-income trading platform, NYSE Bonds(SM). The newly-developed system utilizes NYSE Arca’s core matching technology to offer investors a transparent and highly efficient bond trading platform for all NYSE listed corporate debt securities.
“NYSE Group is very pleased to receive the SEC’s approval for our new bond trading platform, NYSE Bonds,” said Vice President, Fixed Income, John M. Holman. “NYSE Bonds provides investors with very cost effective, real-time automatic order executions and adds significant transparency to the fixed income marketplace. We look forward to introducing this advanced system with a dramatically increased inventory of issues and industry leading functionality to better serve the bond trading community and their customers.”
Replacing the Automated Bond System (ABS), the Exchange’s current bond trading platform, NYSE Bonds will begin rollout April 23. Based on NYSE Arca’s open, accessible all-electronic design, this new system boasts drastically increased efficiency and more transparent trading in corporate debt issues for NYSE members entering orders in bonds listed on the Exchange. Primarily serving retail trading in corporate bonds, NYSE Bonds maintains and matches orders on a strict price and time priority basis and reports quotations and trade prices on an absolute real-time basis.
Based on SEC exemptive relief obtained in November 2006 that permits NYSE members and member organizations to trade certain unlisted debt securities on the Exchange, NYSE Bonds will be expanded to trade the unlisted corporate debt issues of all NYSE-listed equity issuers and their wholly-owned subsidiaries, allowing NYSE customers to access nearly 6,000 additional bonds compared to approximately 1,000 today.
SEC Approval order: http://www.sec.gov/rules/sro/nyse/2007/34-55496.pdf
For more information on NYSE BondsSM including a complete directory of bonds, delayed prices, a detailed glossary of terms and a list of the most actively traded issues, please visit: http://www.nyse.com/bonds
About NYSE Group, Inc
NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange LLC (the “NYSE”) and NYSE Arca, Inc. (formerly known as the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. In 2006, on an average trading day, 2.3 billion shares, valued at $86.8 billion, were traded on the exchanges of the NYSE Group.
The NYSE is the world’s largest and most liquid cash equities exchange. The NYSE provides a reliable, orderly, liquid and efficient marketplace where investors buy and sell listed companies’ common stock and other securities. On December 31, 2006 , the operating companies listed on the NYSE represented a total global market capitalization of $25.0 trillion.
NYSE Arca, Inc. operates the former ArcaEx®, the first open, all-electronic stock exchange in the United States , which has a leading position in trading exchange-traded funds and exchange-listed securities. NYSE Arca, Inc. is also an exchange for trading equity options. NYSE Arca, Inc.’s trading platforms provide customers with fast electronic execution and open, direct and anonymous market access.
NYSE Regulation, an independent not-for-profit subsidiary, regulates member organizations through the enforcement of marketplace rules and federal securities laws. NYSE Regulation also ensures that companies listed on the NYSE and NYSE Arca meet their financial and corporate governance listing standards.
For more information on NYSE Group, go to: www.nyse.com.
