The NYSE said that the close of phase I marked a significant step in the Hybrid Market’s implementation program and the ongoing integration of new features and functionality.
By providing greater customer choice in order-execution services, the exchange said it hoped that the Hybrid Market would expand its customers’ ability to trade instantaneously without sacrificing the price improvement and market quality of the floor-based NYSE auction market.
Phase II implementation is set to begin shortly. The exchange expects that by the conclusion of phase II, specialists will have the ability to systemically narrow spreads and electronically provide price improvement for the first time. These and other enhancements will provide the trading floor community with the tools necessary to improve market quality electronically and at the point of sale.
