New System Offers More Speed, Flexibility and Scalability, Plus Lower Operating Costs
NYSE Cuts Order-Execution Time to 5 Milliseconds from 105
NEW YORK, July 1, 2009 -- The New York Stock Exchange (NYSE), a subsidiary of NYSE Euronext (NYX), has reduced the time it takes to execute an order to five milliseconds from 105 milliseconds, with the implementation of the new NYSE Super Display Book system (SDBK) for processing orders. As a result, NYSE customers are experiencing trade executions and reports within five milliseconds, as well as order and cancellation acknowledgments in just two milliseconds.
NYSE SDBK replaces the well-known SuperDOT order delivery and processing system – which for 33 years was synonymous with electronic trading – as well the Post Support System, which routed orders to the trading floor. NYSE SDBK is a server-based system based on NYSE Arca’s industry-leading trading engine, providing much greater throughput, flexibility and scalability as well as lower operating costs compared with the mainframe platform that supported SuperDOT.
“We have improved system latency to the single digits today from 350 milliseconds in 2007,” said Louis G. Pastina, executive vice president, NYSE Operations. “NYSE customers can now access our market with greater speed and assurance, and their orders will be delivered and executed more efficiently than ever. For the first time on NYSE, customers can employ the benefits of competitive speed and automation in addition to our longstanding value of high-touch price discovery on the only U.S. exchange cash equities trading floor.”
The NYSE SDBK rollout took three months, and completes an ambitious systems re-architecture project that NYSE initiated just 18 months ago. Since then, NYSE has completely replaced its order entry, order database and routing systems, market data systems and components of its post-trade system. To accomplish this, NYSE has leveraged leading technologies gained through recent mergers and acquisitions, including systems from NYSE Arca, Wombat (now part of NYSE Technologies) and Euronext.
The NYSE SDBK implementation also closely follows the successful implementation of enhancements to the NYSE market model, including incenting the provision of greater liquidity from a broader array of market participants. Additionally, NYSE Amex cash equities will complete their move to NYSE SDBK in August. Later this year, NYSE Euronext’s Universal Trading Platform – already successful in the company’s European equities and fixed-income markets – will be rolled out to NYSE and NYSE Amex as well as NYSE Arca, bringing yet another boost to transaction speed.
About NYSE Euronext
NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With more than 8,000 listed issues, NYSE Euronext's equities markets -- the New York Stock Exchange, Euronext, NYSE Arca and NYSE Amex -- represent nearly 40 percent of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, the leading European derivatives business and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the S&P 100 index and Fortune 500. For more information, please visit: http://www.nyx.com
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This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext’s plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext’s results to differ materially from current expectations include, but are not limited to: NYSE Euronext’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext’s reference document for 2008 (“document de référence”) filed with the French Autorité des Marchés Financiers (Registered on April 28, 2009 under No. R. 09-031), 2008 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.