REG NMS COMPLIANCE CALENDAR

The SEC has postponed the Trading Phase date of Regulation NMS, as well as two other deadlines for the Order Protection and Access Rules. The extension was granted after the NYSE asked for a one-month postponement of the Trading Phase date of Reg NMS. The SEC granted that extension as well as an extension to two other deadlines to give automated trading centers additional time to complete the rollout of their new or modified trading systems. The two other parts of Reg NMS are Sub Penny Pricing, which already went into effect, and compliance for the new Market Data Revenue Formula. That go-date is listed below.

Order Protection Rule (Rule 611) and the Access Rule (Rule 610)	date is now	previously
Trading Phase	March 5, 2007	Feb 5, 2007
Pilot Stocks Phase	July 9, 2007	May 21, 2007
All Stocks Phase	August 20, 2007	July 9, 2007
Completion Date	Oct 8, 2007 (remains unchanged)
Sub Penny Pricing
	Already in effect
Market Data Formula Compliance for Sharing Market Data Revenues
	April 1, 2007

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