NYSE Arca Announces Unified Equities Transaction Pricing, Effective July 1 - Offering Unified Volume Tiers And Competitive Rate Combinations In Tape A, B And C Securities

NYSE Arca, a subsidiary of NYSE Euronext (NYX), today announced new transaction pricing, effective July 1, 2008, that will feature unified volume tiers and competitive “add/remove” rate combinations in Tape A (NYSE listed), Tape B (NYSE Arca- and Amex-listed) and Tape C (Nasdaq-listed) securities.

"NYSE Arca is introducing new integrated and competitive pricing tiers across Tapes A, B and C,” said Lawrence Leibowitz, Group Executive Vice President, U.S. Execution and Global Technology. “Our new NYSE Arca equities fee schedule offers highly attractive volume-based incentives with one of the best rate combinations in NYSE-listed and Nasdaq-listed securities among major liquidity venues."

Highlights of the new NYSE Arca equities transaction pricing, effective July 1, 2008 , include:

For customers with an average daily share volume per month greater than 90 million shares in Tape A, B and C trading, including adding liquidity of more than 45 million shares, the rates per 100 shares are as follows:

For Tape A and C securities, the pricing structure is inverted, including a rebate of $0.28 for orders that add liquidity and a fee of $0.27 for orders that remove liquidity. For Tape B securities, the rebate is $0.23 for orders that add liquidity and the fee is $0.28 for orders that remove liquidity. The routing fee is $0.29 in Tape A, B and C securities for orders executed by another market center or participant, except on the NYSE where the routing fee is $0.08 (or $0.06 for customers using NYSE Arca’s Primary Sweep Order).

For customers with an average daily share volume per month greater than 60 million shares in Tape A, B, and C trading, including adding liquidity of more than 30 million shares, the rates per 100 shares are as follows:

For Tape A and C securities, the rebate is $0.27 for orders that add liquidity and the fee is $0.29 for orders that remove liquidity. For Tape B securities, the rebate is $0.22 for orders that add liquidity and the fee is $0.28 for orders that remove liquidity. The routing fee is $0.29 in Tape A, B and C securities for orders executed by another market center or participant, except on the NYSE where the routing fee is $0.08 (or $0.06 for customers using NYSE Arca’s Primary Sweep Order).

For customers with an average daily share volume per month greater than 85 million shares in removed and routed Tape A, B and C trading, including routed liquidity of more than 2 million shares, the rates per 100 shares are as follows:

For Tape A, B and C securities, the fee is $0.29 for orders that remove liquidity and the routing fee is $0.285 for orders executed by another market center or participant, except on the NYSE where the routing fee is $0.08 (or $0.06 for customers using NYSE Arca’s Primary Sweep Order). For liquidity adders, the rebate is $0.23 in Tape A and C securities and $0.22 in Tape B securities.

For all other customers, the rates per 100 shares are as follows:

For Tape A and C securities, the rebate is $0.23 for orders that add liquidity and the fee is $0.29 for orders that remove liquidity. For Tape B securities, the rebate is $0.22 for orders that add liquidity and the fee is $0.30 for orders that remove liquidity. The routing fee for Tape B and Tape C securities is $0.35 for orders executed by another market center or participant. In Tape A securities, the routing fee is $0.30 for orders executed by another market center or participant, except on the NYSE where the routing fee is $0.10 (or $0.06 for customers using NYSE Arca’s Primary Sweep Order).

To simplify pricing, liquidity providers on NYSE Arca will receive a higher rebate in Tape B securities while the sharing of market data revenue in Tape B securities (except Cross Orders) will be discontinued (although the NYSE will continue to rebate 100% of market data revenue to all customers in Tape A, B and C securities via the FINRA/NYSE Trade Reporting Facility).

NYSE Arca’s new pricing structure for all customers is provided in the table below.

NYSE Arca Rates Per 100 Shares, Effective July 1, 2008

	Tape A (NYSE-Listed)				Tape C (Nasdaq-Listed)			Tape B (NYSE Arca- and Amex-Listed)
Average Daily Shares per Month in Tape A,B and C Securities	Rebate for Adding (1)	Fee for Removing	Routing Fee to NYSE (2)	Routing Fee to Other Venues	Rebate for Adding	Fee for Removing	Routing Fee	Rebate for Adding (3)	Fee for Removing	Routing Fee
Greater than 45 million shares added and greater than 90 million shares total (added, removed, routed) in Tape ABC	($0.28)	$0.27	$0.06 / $0.08	$0.29	($0.28)	$0.27	$0.29	($0.23)	$0.28	$0.29
Greater than 30 million shares added and greater than 60 million shares total (added, removed, routed) in Tape ABC	($0.27)	$0.29	$0.06 / $0.08	$0.29	($0.27)	$0.29	$0.29	($0.22)	$0.28	$0.29
Greater than 85 million shares removed and routed, and greater than 2 million shares routed in Tape ABC	($0.23)	$0.29	$0.06 / $0.08	$0.285	($0.23)	$0.29	$0.285	($0.22)	$0.29	$0.285
All Others	($0.23)	$0.29	$0.06 / $0.10	$0.30	($0.23)	$0.29	$0.35	($0.22)	$0.30	$0.35

In Tape A securities, the rebate for resting Mid-Point Passive Liquidity (MPL) orders is $0.15 per 100 shares for firms transacting in the first two volume categories above. For the other categories, the rebate for resting MPLs is $0.10 per 100 shares. MPL is an undisplayed limit order that is priced at the mid-point of the Protected Best Bid and Offer (PBBO). MPL orders will generally interact with all order types including contra MPLs and excluding cross or directed orders. MPL orders will be entered as a limit order but are executable only at the mid-point of the NBBO. When the market is locked, eligible MPLs will trade at the locked price. MPLs have a minimum entry and execution size of 100 shares.
In Tape A securities, the routing fee to the NYSE using NYSE Arca’s Primary Sweep Order is $0.06 per 100 shares, otherwise the standard routing fee applies as noted in the table. The Primary Sweep Order (PSO ) is a market or limit order that sweeps the NYSE Arca Book and routes any remaining balance to the primary listing market. All orders with a PSO designation should be marketable. Non-marketable orders will function as regular limit orders.
In Tape B securities, liquidity providers will receive a higher rebate while the sharing of 50% of Tape B market data revenue will be discontinued. Cross Orders will continue to receive tape revenue credit. Pricing is unchanged for Lead Market Makers.