| Pre Phase In |
Phase In Period |
Post Phase In
|
| July 24th |
August 7 |
I. August 28 |
IIA. September 25 |
IIB. Early December
|
III. March 12, 2001
|
IV. April 9, 2001
|
June 8, 2001
|
July 6, 2001
|
| |
Checkpoint 1
Exchange Committee
August 15th
Pre-Implementation Evaluation |
|
Checkpoint 2
Exchange Committee
September 19th
Determine Readiness for Additional Exchange-Listed Issues |
|
Checkpoint 3
Exchange Committee
November 1st
Determine Readiness for Full Implementation of Exchange-Listed Issues and All Options |
|
Checkpoint 4
Exchange Committee
March 5, 2001
Evaluate industry's preparedness to proceed with Limited Nasdaq Issues |
|
Checkpoint 5
Exchange Committee
April 2, 2001
Determine Readiness for All Markets, Full Implementation |
|
| SEC Order of June 8, 2000 |
| By July 24th, participants jointly submit a Decimals Implementation Phase-In Plan to the SEC. |
By August 7th, participants submit the rule changes necessary to support the Decimals Implementation Phase-In Plan. |
|
By June 8, 2001, participants submit study on impact of decimal pricing on systems capacity, liquidity, and trading behavior two months after full conversion; submit position on need for uniform increment, if any.
|
|
By July 6, 2001, participants submit proposed rule changes to SEC Rule 19-b of Exchange Act to implement choice of MPV by which equities and options are quoted and traded.
|
| Participant Studies
|
| |
Identify Impact of Decimalization on Message Traffic and Trading Behavior
|
Data Collection, Analysis, and Compilation of Study Results for Listed Issues |
Impact Analysis of Decimalization on Nasdaq Issues
|
|
| |
| |
I. August 28th
Limited Exchange-Listed Issues |
IIA. September 25th
Additional Exchange-Listed Issues |
IIB. Early December
Full Conversion of Exchange-Listed Issues and All Options |
III. March 12, 2001
Limited Nasdaq Issues |
IV. April 9, 2001
All Markets, Full Implementation |
|
July 6, 2001 |
| Equities
|
| MPV |
Penny quote MPV for Listed Securities maintained through rule change approval process 2001. |
Penny quote MPV for Listed Securities maintained through rule change approval process 2001. |
Penny quote MPV for Listed Securities maintained through rule change approval process 2001. |
Penny quote MPV on Nasdaq Issues maintained through rule change approval process 2001. |
Penny quote MPV for all Listed Securities and Nasdaq issues maintained through rule change approval process 2001. |
Study may impact the quote MPV. |
Rule changes may impact the quote MPV. |
| Securities |
10-15 Listed Securities. Nasdaq will participate with Listed Securities. |
Approximately 50-100 additional Listed Securities. Nasdaq will participate with Listed Securities. |
All Listed Securities. |
10-15 Nasdaq securities, in addition to the Listed Securities already trading in Decimals. |
All markets, full implementation. |
| Options
|
| MPV |
Dime quote MPV for Options $3.00 and above.
Nickel quote MPV for Options under $3.00. |
Dime quote MPV for Options $3.00 and above.
Nickel quote MPV for Options under $3.00. |
Dime MPV for Options $3.00 and above.
Nickel MPV for Options under $3.00.
Participants may elect to implement a penny pilot in selected option issues. |
Dime MPV for Options $3.00 and above.
Nickel MPV for Options under $3.00. |
Dime MPV for Options $3.00 and above.
Nickel MPV for Options under $3.00. |
Study may impact the quote MPV. |
Rule changes may impact the quote MPV. |
| Classes |
Those associated with the 10-15 underlying Listed equity issues selected. |
Those associated with the additional Listed equity issues selected. |
All options classes. |
All options classes. |
All options classes. |
