How did we get here?

WHAT COMPANIES ARE ELIGIBLE FOR THE PILOT?

Operating companies that have been listed at least six months, have $3B or less in market cap, an average daily volume of one million shares or less and volume weighted average price of at least $2.

HOW WILL THE PILOT WORK?

Of the eligible companies, 1,200 companies will be randomly placed into three test groups (400 per group) and the remaining will be in the control group. The three test groups each have different quoting and/or trading requirements as described below:

When will I find out if I’m included and which group I’ll be in?

The information is available at:ftp://ftp.nyxdata.com/Tick_Pilot/Tick_Pilot_Historical/NYSE_Group_Tick_Pilot_Assignments.txt

What if I don’t want to participate?

In compliance with the SEC’s order, participation is not optional and securities are placed into different test groups on a random basis.

What do I need to do to prepare?

Nothing. You’ll automatically be assigned a group and the trading framework will automatically go into effect based on your group.

WHAT HAPPENS WHEN THE PILOT ENDS?

Although the Pilot will not end until October 2018, the SEC will review results prior to the end of the Pilot to determine if any aspects of the Pilot should be made permanent.

IF A SECURITY’S MARKET CAP MOVES ABOVE $3B DURING THE PILOT PERIOD, WILL THE SECURITY REMAIN IN THE PILOT?

Yes. Companies will remain in the Pilot regardless of whether their market capitalization or average daily trading volume changes during the course of the Pilot Period.

WHEN DOES THIS CHANGE TAKE EFFECT FOR MY COMPANY?

The rollout begins on October 3rd. For your company’s specific rollout date, please review this rollout schedule.