From: rbernard@nyse.com [mailto:rbernard@nyse.com] Sent: Friday, April 11, 2003 5:32 PM To: nazaretha@sec.gov Cc: rbritz@nyse.com; colbyr@sec.gov Subject: Conditioned Approval of Liquidity Quote By this email, I am supplementing my April 9 email by which the Exchange accepted the Commission's conditions in its April 2 order approving our filing on NYSE Liquidity Quote(superscript: SM) by clarifying two provisions in the "Draft NYLQ Vendor Letter". I set out the revised text below. Note that, after talking to our technical people, we decided to simply go with a shorter footnote that omits the clarification on the column total. Our thinking is that the stub footnote will be enough to enable the viewers to figure out the arithmetic. Annette, please do not hesitate to call if you have any additional questions. Rich Bernard NYSE 212 656 2222 DRAFT NYLQ VENDOR LETTER [DATE] [INSIDE ADDRESS] Dear [NAME]: .... Attribution and Differentiation: [NO CHANGE] Integrated Quotes and Attribution: [NO CHANGE] Montages: Montages that include NYLQ ... comparable to a BBO. In addition, since the size of NYLQ includes the size of the NYSE BBO, an aggregation of size that includes both would double count the NYSE BBO size. If you do include NYLQ in a montage, you must exclude from the cumulative size the NYSE BBO size to avoid double counting. You also must footnote NYLQ as follows: NYLQ is not a BBO; NYLQ size includes NYSE BBO size. Branded Displays: [NO CHANGE] Review of Screen Shots: In order to assure ... in this letter. NYSE shall promptly review screen shot submissions and shall not unreasonably withhold its approval. .... Rich Bernard NYSE 212 656 2222 Note: The information contained in this message and any attachment to it is privileged, confidential and protected from disclosure. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify the sender immediately by replying to the message, and please delete it from your system. Thank you. NYSE.