As announced in important notice A 5313, P&S 4884 dated August 22, 2001, National Securities Clearing Corporation ("NSCC"), a subsidiary of The Depository Trust & Clearing Corporation ("DTCC"), is planning to provide intra-day reporting of trade output from all market places to help pave the way for a straight-through-processing (STP) environment.

In addition to the current end-of-day reporting of New York Stock Exchange (NYSE) related activity, effective November 9, 2001, NSCC will make available to participants intra-day output of all matched NYSE equity transactions in the approximate sequence in which they are received from the market place.

The new intra-day output will be made available in machine readable (MRO) form only, and will encompass NYSE contract output currently reported in the following end-of-day reports/files:

• NYSE "T" Contracts
• NYSE "Adjustment" Contracts

Intra-day output for NYSE T+1 Regular Way contracts will not be provided, because matched trades are longer displayed on this output.

There will be no changes to the existing methods of trade reporting. End-of-day print and data files will continue to be provided, however participants are advised that NSCC is planning to phase out all end-of-day reporting of trading activity at a future date. NSCC encourages participants to avail themselves of the opportunity to receive the new intra-day output as soon as it becomes available.

Estimated times of availability of intra-day output is as follows:

2:00 p.m.

4:00 p.m.

6:00 p.m.

8:00 p.m.

The current standard AutoRoute header record will be employed to identify the multi-cycle transmission counter and the final output cycle indicator. Please refer to NSCC’s web site formats.nscc.com under the product group Master Files for detailed information regarding AutoRoute header record information.

For your convenience NSCC has mapped the current machine readable output formats for NYSE "T" Contracts (AutoRoute # 02012036) and the NYSE "Adjustment" Contracts (AutoRoute # 02012040) to the new unified intra-day output format (AutoRoute # 02013036). Mapping details are available for your use at NSCC’s website http://formats.nscc.com under the caption Listed & OTC Equities.

In conjunction with the new NSCC intra-day reporting of compared trading activity, the NYSE is planning to issue a machine readable file of OCS uncompared activity in a format identical to the unified output format used by NSCC. Participants are advised to utilize the two files to facilitate internal balancing, reduce risk and limit exposure.

Questions regarding this new product or this notice may be e-mailed to the undersigned at gkrobisch@dtcc.com or contact your DTCC Relationship Manager or Participant Services Representative at (212) 855-4155.

Questions regarding the availability of new Comparison files for uncompared/advisory activity by NYSE should be directed to Mr. Joseph Fawcett (NYSE) at (212) 656-8585.

Gerhard Krobisch
Vice President, Product Marketing and Development