Details of Direct+ pilot program

By: Ray Pellecchia

File Under: NYSE, NYSE

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A reader writes:

On May 12 will investors be able to enter all the order types for automatic execution in LU, such as NX, Auction Limit, Auction Market, etc. -- Kevin

Kevin -- Beginning May 12, you will indeed be able to enter for Lucent NX orders of any type, frequency and size up to 1 million shares. You will not be able to enter Auction Market or Auction limit orders; those are planned for a later phase.

This memo explains the details. Excerpt:

· The Exchange anticipates the Pilot will commence on or about May 12, 2006, and will terminate no later than October 31, 2006. See Rule 1000.10(P).

· Market and limit orders may be entered for automatic executions in Pilot securities. See Rule 13(P): definitions of auto ex order and market order.

· All market and marketable limit orders will be automatically executed regardless of designation. See Rules 13(P): definitions of auto ex order and market order and 1000(a)(P).

· Market and marketable limit orders that remain unfilled after automatic execution will be handled manually by the specialist. See Rule 1000(d)(v)(A)(P).

· The Pilot will begin with a maximum order size of 1 million shares. Note, however, that the capacity for orders through SuperDot® continues to be 3 million shares.

· Rule 1005’s restriction against entering auto ex orders for the account of the same beneficial owner in less than 30-second intervals does not apply to the Pilot. See Rule 1005.10(P).

· Auto ex orders shall receive an immediate, automatic execution against orders in the published quotation, but will not execute against reserve interest at the best bid (offer). See Rule 1000(a)(P).

Addendum: Here's the booklet of all our Hybrid Training Program chapters.