Regulatory Filings • Mar 24, 2009
Regulatory Filings
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- Customers to benefit from lower cost, simpler and more competitive pricing -
- New pricing plan strengthens the company's competitive position in Europe -
Amsterdam, Brussels, Lisbon, Paris – 24 March 2009 – NYSE Euronext (NYX) today announced plans for a new integrated transaction pricing structure that is intended to improve the company's overall competitive position in Europe by simplifying and reducing fees for customers across its pan-European cash equity markets.
Effective 1st April 2009, the new integrated pricing structure will also apply to the company's new pan-European Multi-lateral Trading Facility, NYSE Arca Europe, and its non-displayed block trading facility, SmartPool(sm). It also complements the company's recently introduced state-of-theart Universal Trading Platform in Europe, which offers customers a more comprehensive pan-European trading solution on an ultra-low latency platform.
Roland Bellegarde, Group Executive Vice President and Head of European Execution for NYSE Euronext, said "NYSE Euronext European customers are now able, through one single connection to our next generation Universal Trading Platform, to have access to stocks across fifteen European countries through our regulated markets, NYSE Arca Europe and SmartPool. Liquidity is key in the current climate, and our new fee structure is aimed at attracting more order flow and creating deeper liquidity."
Characteristics of the new integrated pricing structure are as follows:
The new equity fee structure will apply to trading on all stocks listed on the regulated cash markets of Amsterdam, Brussels, Lisbon and Paris.
The new fee schedule will be more streamlined, simpler and predictable, and will result in an overall reduction in trading fees of approximately 20% across Europe. It will replace the current Pack Epsilon and Packs B, C and D fee structures. Exchange fees are removed.
A fixed fee will be charged per executed order instead of per trade, applying the same principle as the former Pack Epsilon fee structure. Customers will only be charged for the first execution, after which the trades originating from the same order will be free.
In case of further reduction in transaction values on the NYSE Euronext regulated markets, the new scheme introduces a cap in basis points.
Trading fees on NYSE Arca Europe will be based on a competitive 0.15 basis points* for all trades.
Special tariffs will be made available on the regulated market in the form of a fee bridge operation with clients, a ks with NYSE Arca Europe. This innovative program, designed in co will provide rebated fees on the regulated market. The more a client trades on NYSE Arc Europe, the more they will benefit from lower trading fees for NYSE Euronext-listed stoc on the regulated market.
SmartPool has a straightforward pricing model in basis points and as of April 1st will ge for algorithmic DMA order flow. It also provides a very introduce a dedicated fee packa attractive routing facility with the Euronext regulated market charged at 0.5 bps per transaction.
Cees Ve tive Director Sales and Relationship Management, European Cash Markets, dded "This new dramatically simplified fee schedule was developed in consultation with our rmaas, Execu a members. This means our customers are better able to predict their revenue and plan their trading strategies. In addition, this encourages new growth and will help improve market quality in an increasingly competitive landscape where cost of trading is one of the key drivers."
otes to Editors: N
1 basis point is equal to 100th of a percentage point, i.e. 0.01% of value traded *
Appendix A: Description of fee scheme
| Regulated Market (NYSE Euronext listed equities) | |||
|---|---|---|---|
| Origin of flow Agency |
€ charge per executed order 1.40 |
||
| Principal | |||
| Above 550,001 executed orders per month |
0.70 | ||
Fees are capped at 1.9 basis points for agency flow and at 0.9 basis points for principal flow. A daily order trade ratio limit of 100:1 is applied, above which orders are surcharged at €0.10 each.
0.15 basis point charge
Eligible bridged volumes on regulated market are equivalent to the value traded on NYSE Arca Europe, with a distinction between passive and aggressive flow on NYSE Arca Europe.
| Volume equivalent provided passively on | 0.15 basis points |
|---|---|
| NYSE Arca Europe | |
| Volume equivalent provided aggressively | 0.25 basis points |
| on NYSE Arca Europe |
| SmartPool | ||
|---|---|---|
| Top Committee of European Securities | 1 basis point | |
| Regulators (CESR) Blue-chips with | ||
| average daily trading (ADT ) > 50M€ | ||
| Next CESR liquid shares | 2 basis points | |
| Algorithmic / Direct Market Access | 0.5 basis points for all stocks | |
| (DMA) fee package | ||
| Routing execution fee | 0.5 basis points for all stocks | |
| No membership fee |
NYSE Euronext (NYX) is the world's most diverse exchange group, offering a broad and growing array of financial products and services in Europe and the United States that include cash equities, futures, options, exchange-traded products, bonds, market data, and commercial technology solutions. With over 8,000 listed issues globally, NYSE Euronext's equities markets -- the New York Stock Exchange, Euronext, NYSE Arca, and NYSE Amex -- represent nearly 40% of the world's cash equities trading volume, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, the leading European derivatives business and the world's second largest derivatives business by value of trading. NYSE Euronext offers comprehensive global commercial technology, connectivity, and market data products and services through its innovative trading solutions unit, NYSE Technologies. NYSE Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index. For more information, please visit: www.nyx.com.
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext's plans, objectives, expectations and intentions and other statements that are not
historical or current facts. Forward-looking statements are based on NYSE Euronext's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forwardlooking statements. Factors that could cause NYSE Euronext's results to differ materially from current expectations include, but are not limited to: NYSE Euronext's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext's reference document for 2007 ("document de référence") filed with the French Autorité des Marchés Financiers (Registered on May 15, 2008 under No. R. 08-054), 2008 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.
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