SEC OKs Exemption to Trade Unlisted Bonds
NYSE Group last month announced that it received SEC approval for exemptive relief from the provisions of section 12(a) of the Exchange Act of 1934 permitting NYSE members and member organizations to trade certain unlisted debt securities on the Exchange.  As approved, the NYSE will be able to trade the 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. 

“The NYSE Group is very pleased with the SEC’s approval of this exemption,” said NYSE Group CEO John A. Thain.  “By adding a substantial number of fixed-income issues to our current inventory, we can now offer our customers and investors in the fixed-income marketplace the NYSE’s unique transparency and cost-effective trading in the debt-related securities of many of the great companies listed on the NYSE.  This represents a major step in our goal of creating the world’s leading multi-asset-class marketplace, offering the broadest array of products and services under one umbrella.”

Pending SEC approval of a separate rule filing, NYSE Group plans to launch its newly developed fixed-income trading platform, NYSE BondsSM .  Utilizing the design of NYSE Arca’s all-electronic trading platform, NYSE Bonds will provide investors with increased transparency, and highly efficient and cost-effective automatic-order executions for corporate debt issues trading 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.

NYSE Group also announced agreements with Kestrel Technologies and TownSend Analytics, offering issuers, market professionals and investors additional ways to access NYSE Bonds through multiple front-end platforms, pending SEC approval. 

For more information on NYSE Bonds, including a complete directory of bonds, delayed prices, a list of the most actively traded issues and a detailed glossary, please visit the bonds page

Click here for information about NYSE Group and a cautionary note regarding forward-looking statements.

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