Q&A: What's coming in Phase IV?

By: Ray Pellecchia

File Under: NYSE, NYSE

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A reader on the sell side writes in response to Q&A: Pilot end date, or Typo? :

Do you have implementation dates for Phase IV, and can you tell me what functionality and features will be in Phase IV? Also do you see any additional phases or steps after Phase IV leading up to Feb 5 Reg NMS date? If so, what are they?

-- Stephen Sell

Stephen --

The software for Phase IV of the NYSE Hybrid Market implementation will start rolling out in late December.

Phase IV will include final steps for compliance with Reg. NMS, such as Immediate or Cancel orders and Intermarket Sweep orders, as well as rules addressing fast/slow quotes and locked and crossed markets.

We will also introduce Discretionary e-Quote executing against orders that set new best bids and offers.

There will be no additional steps or phases prior to Feb. 5.

Thanks for writing, Stephen!

As an aside on Phases I-IV, I still can't get used to this Roman-numerals thing for anything other than the Olympics, Super Bowls, World Wars or cornerstones of buildings.

I mean, what if the Four Tops called themselves the IV Tops? Did you ever hear of the Fab IV? What about the old L.A. Rams front line, the Fearsome IV-some? Or the Frankie Valli and the IV Seasons?

Hey, I've got a great new XLV from the Classics IV, let's put it on the phonograph.

Next time we re-make our market, I suggest we dial down the pretentiousness and do it in Phases 1-4 or, if we must, One-Four. Or 1-5, if it's a really big re-do. Whaddaya think?

Tags: New York Stock Exchange, Hybrid Market, NYSE, NYX,
trading, stock market, Beatles, Four Tops, Frankie Valli, Classics IV, Fearsome Foursome