NYSE Amex LLC to be renamed NYSE MKT LLC

NYSE Amex LLC to be renamed NYSE MKT LLC

 

10/05/2012

NYSE Euronext (NYX) today announced that NYSE Amex LLC, the self regulatory organization, will be renamed NYSE MKT LLC effective May 14, 2012, subject to SEC filing. NYSE MKT is the premier U.S. equities market for listing and trading of small growth companies. NYSE MKT’s associated options market will continue to do business under the name NYSE Amex Options.

“NYSE MKT is a fully integrated trading venue within the NYSE Euronext community and the new name reinforces that fact,” said Scott Cutler, EVP and Co-Head of U.S. Listings and Cash Execution at NYSE Euronext. “The venue is dedicated to growth-oriented companies in the U.S., and we continue to enhance the platform to best meet the needs of these clients.”

NYSE MKT leverages the NYSE’s advanced and innovative market model to offer a premier venue for listing and trading the stocks of small companies. The venue utilizes the trading, connectivity and routing technologies of the NYSE platform and offers superior price discovery, liquidity and reduced trading volatility. Listed companies benefit from issuer-selected Designated Market Makers (DMM) that utilize world-class NYSE trading systems to discover and improve prices, dampen volatility, add liquidity and enhance value. In addition, NYSE MKT-listed companies gain access to the brand visibility and are eligible for the issuer services enjoyed by the NYSE Euronext community.

“Our relationship with NYSE Euronext as an NYSE MKT-listed company has been truly valuable to our business and our shareholders,” said W. Barry Gilbert, Chairman and CEO of IEC Electronics Corp. “This name change makes it even more apparent that we are a part of the world’s leading exchange group.”

Effective May 14, 2012, the following indices will be renamed:

Symbol   Former Name   New Name
XAX   NYSE Amex Composite Index   NYSE MKT Composite Index
XFI   NYSE Amex Composite - Financial Subsector Index   NYSE MKT Composite - Financial Subsector Index
XHL   NYSE Amex Composite - Healthcare Subsector Index   NYSE MKT Composite - Healthcare Subsector Index
XID   NYSE Amex Composite - Industrial Subsector Index   NYSE MKT Composite - Industrial Subsector Index
XIT   NYSE Amex Composite - Technology Subsector Index   NYSE MKT Composite - Technology Subsector Index
XNA   NYSE Amex Composite - Natural Resources Subsector Index   NYSE MKT Composite - Natural Resources Subsector Index

As of December 31, 2011, there were more than 450 issuers listed on NYSE MKT. In 2011, 30 new listings and 4 transfers joined the platform. Year to date in 2012, 8 new listings have joined NYSE MKT, including: Radiant Logistics, Inc (RLGT), GigOptix, Inc. (GIG), Alderon Iron Ore Corporation (AXX) and NovaCopper Inc. (NCQ).

Companies seeking to list on NYSE MKT are required to meet one of the following standards:

1. $750,000 pre-tax income; $3 million market value of public float; $3 minimum price; $4 million stockholders equity

2. $15 million market value of public float; $3 minimum price; 2 year operating history; $4 million stockholders equity

3. $50 million market capitalization; $15 million market value of public float; $2 minimum price; $4 million stockholders equity

4. $75 million market capitalization; or (at least $75 million in total assets and $75 million in revenues); $20 million market value of public float; $3 minimum price