On April 30, NYSE Regulation, Inc. issued Information Memo 09-19 to set forth interim procedures for members and member organizations handling two-sided block trades greater than 6.5 million shares, which are currently incompatible for entry into the New York Stock Exchange order management systems (i.e., NYSE BBSS). The NYSE is planning on implementing systems changes to its order management systems to accommodate larger orders. Until these changes take place, members and member organizations must follow certain interim procedures with respect to two-sided block orders greater than 6.5 million shares, such as creating a paper order ticket immediately upon receiving such an order (containing all elements required under Securities and Exchange Commission and NYSE rules regarding the terms of the order) and entering such orders into the NYSE’s Front-End Systemic Capture database on an “as of” basis immediately following the reporting of the block transaction.  

To read NYSE Regulation Information Memo 09-19, click here.