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The purpose of this Notice is to advise all Amex members and their trading clerks of mandatory regulatory education and operations training that must be completed prior to the planned transfer to the NYSE Floor.1 This mandatory education and training is applicable to members and clerks who are involved in equities trading and seek to perform these functions on the NYSE Floor.2 Amex integration education and training consists of two elements: regulatory and operations. Regulatory education will be provided by NYSE Regulation's ("NYSER") Market Surveillance Division, and operations training will be provided by the NYSE Specialist and Broker Training Department.
The deadline for completing the education and training modules discussed in this Notice is the last date upon which the specific class is offered per the schedule shown in the Attachment. Consistent with proposed NYSE Alternext Rule 103A (which is substantially identical to NYSE Rule 103A), any member or trading clerk who fails to complete this mandatory program in a timely manner will be denied access to the NYSE Alternext Floor until such time as the individual completes the required education and/or training.3
A schedule of hands-on systems classes to be offered by NYSE Specialist and Broker Training (i.e., Display Book, Broker Booth Support System, and e-Broker) will be provided in a separate Amex Notice.
NYSE Alternext Regulatory Education Program
The Alternext Regulatory Education Program ("AREP") consists of four one-hour in-person classes. These in-person classes include a review of Floor trading rules, ethics and the consequences of noncompliance. AREP is mandatory for all Amex members and clerks. All Amex clerks who support trading by specialists or Floor brokers must complete the Trading Assistant Program before they can enroll in the AREP.
NYSE Alternext Operations Training
Trading Assistant Orientation
The Alternext Trading Assistant Program consists of three one-hour in-person classes. This program is designed to introduce Amex clerks to the NYSE trading Floor and support areas, provide an overview of the NYSE marketplace, including various order types, as well as the primary systems that support trading. Alternext Trading Assistant Orientation is mandatory for all clerks. Persons who support specialists and brokers with trading are referred to as "trading assistants" on the NYSE Floor. Persons who directly support specialist trading and assist the specialist in running the Display Book are referred to as "specialist front line trading assistants."
IDTrack Training
The IDTrack program consists of a single one-hour in-person class. This program is designed to train specialists and their front line trading assistants in the functionality of the IDTrack system. This application is used to track the presence of specialists and their immediate assistants at the Post in all stocks throughout the trading day. IDTrack training is mandatory for all specialists and specialist front line trading assistants.
Regulatory Education / Operations Training Schedule
All of the classes listed in the Attachment will be held in 30 Broad Street on the 5th Floor, which is just south of Exchange Place on the west side of the street. Amex personnel must present their Amex Identification to the Security Desk in the lobby. Access to the 5th Floor will also require showing the Amex ID.
All sessions before the opening of the market run from 7:45 a.m. to 8:45 a.m. and all sessions after the close of the market run from 4:45 p.m. to 5:45 p.m. Please arrive fifteen minutes before the appointed start time to allow time to sign in. Arrivals five minutes after the start of any session will not be seated and will have to reschedule.
Reservations Required
Due to limited seating for all classes, reservations must be made by Amex members and their clerks for both regulatory and operations classes. Reservations for all classes may be made by contacting NYSE Specialist and Broker Training Lead Trainers: Mary Cato at 212-656-3284 or Michelle Liguori at 212-656-5388.
Please note that to avoid holding classes on Monday mornings and Friday afternoons, a given AREP class will not be provided on the same calendar day in both the morning and afternoon. For example, Session One of the AREP will be held on Tuesday mornings and Monday afternoons. When making reservations or rescheduling AREP classes, please specify your choice of class by using the session number rather than the day the class will be given. Trading Assistant Orientation classes will be consistently held on Tuesday, Wednesday and Thursday, and both morning and evening sessions will be available. IDTrack classes will be held on Monday evenings and Friday mornings.
Staff Contacts
If you have any questions about the content of regulatory education, please contact Carol Krusik, Director, NYSER Member Education, at 212-656-4597 or Peter Bon Viso, Senior Counsel, at 212-656-5621. Questions concerning the content of operations training should be directed to Camille Fredrickson, Director, NYSE Specialist and Broker Training, at 212-656-5390 or James Maguire, Lead Trainer, at 212-656-5472.
1 The transfer to the NYSE Floor will occur following completion of the proposed acquisition of Amex by NYSE Euronext. The proposed acquisition, which was approved by Amex seat owners on June 17, 2008, remains subject to the satisfaction of certain other conditions including the approval by the Securities and Exchange Commission (SEC), and the Amex and NYSE Euronext are hopeful that the Acquisition will close in August 2008. Shortly after completion of the transaction, Amex equities trading will be relocated to the New York Stock Exchange ("NYSE") Floor.
2 Amex options trading will relocate to the NYSE Floor at a later date. Detailed information regarding education and training applicable to options members and their trading clerks will be provided separately.
3 Please note that following completion of the transaction, Amex will be renamed NYSE Alternext US LLC.