The New York Stock Exchange announced on October 31, that it will implement the second release of Front End System Capture (FESC) Report Cards for monitoring compliance with NYSE Rules 123(e) and 123(f). These rules require Floor Members to submit order information to the FESC database before the orders are represented on the floor, and also requires all reports of executions related to such orders be reported through FESC. Additionally, the Rule requires Floor Members to submit specific data elements to be recorded when an order is entered and the related execution is reported.
FESC Report Cards will contain the following five categories of information: (i) reports of execution submitted without corresponding order details; (ii) reports of execution submitted prior to the entry of the order details; (iii) reports of execution for an order with aggregate size greater than the order’s size; (iv) reports of execution with missing or invalid account types; and (v) FESC submissions with missing or invalid order details. NYSE Regulation, Inc.’s Division of Market Surveillance (MKS) will make the Report Cards available from the Electronic Filing Platform (EFP) Portal Authorized Applications Panel, under the name FESC Report Cards. Members can access the EFP via the following link: https://efp.nyse.com/efp/efp_login.html.