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Beginning on May 2, 2005, the SEC will begin a pilot program that suspends the tick test or the bid test for a subset of the securities traded on NYSE Arca. The pilot will last for one year and end on April 28, 2006.
Securities affected by the tick test/bid test pilot fall into two categories:
- Category A securities will be exempt from the tick test at any time during the trading day
- Category B securities are exempt from the tick test between 4:15 pm and 8:00 pm ET
Today, NYSE Arca applies the following Short Sale price restrictions when executing trades:
- Securities listed by Amex® or the NYSE® trade with a tick test for short sales between 4:00 am and 8:00 pm ET.
- Securities listed by NASDAQ® trade without a tick or bid test between 4:00 am and 8:00 pm ET
During the tick test/bid test pilot program, NYSE Arca will apply the following Short Sale price restrictions when executing trades:
- For securities listed by AMEX and NYSE
- Category A securities will trade without a tick test during our normal operating hours of 4:00 am to 8:00 pm ET.
- Category B securities will trade with a tick test between 4:00 am and 4:15 pm ET. They will trade without a tick test between 4:15 pm and 8:00 pm ET.
- For securities listed by NASDAQ
- There will be no change for NASDAQ listed securities. These securities will continue to trade on NYSE Arca between 4:00 am and 8:00 pm ET without any tick or bid test.
Order Marking Requirements
- NYSE Arca clients do not need to mark Sell Short orders as Sell Short Exempt to take advantage of the new rule. NYSE Arca will automatically treat the Sell Short Order as if it were a long sale for the pilot securities. Additionally for those clients with live orders in the NYSE Arca Late trading session, NYSE Arca will automatically suspend the tick test for those orders at 4:15 pm ET.
- Because NYSE Arca performs this Masking function for clients, broker/dealers routing orders to NYSE Arca may take advantage of an SEC no action letter on short order marking requirements. To learn more about short order marking requirements, visit the SEC at http://www.sec.gov/divisions/marketreg/mr-noaction/sia041505.htm
You can access a list of the pilot securities using the links below. Please note, you can access a a legend for use when referencing the Category A and Category B links at http://www.sec.gov/spotlight/shopilot/shopilotcodes.htm
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Category A Securities |
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Today |
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as of Tuesday, May 16, 2006 |
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as of Monday, May 15, 2006 |
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as of Friday, May 12, 2006 |
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as of Thursday, May 11, 2006 |
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Category B Securities |
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Today |
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as of Tuesday, May 16, 2006 |
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as of Monday, May 15, 2006 |
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as of Friday, May 12, 2006 |
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as of Thursday, May 11, 2006 |
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If you have additional questions regarding the pilot program or other Reg SHO issues, visit the SEC website at http://www.sec.gov/spotlight/keyregshoissues.htm
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| Symbol: |
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XAN |
| Last Price: |
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2.5500 |
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| Change: |
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0.23 |
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| Volume: |
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2,900 |
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| Pegasus |
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