On November 22, 2005, the Securities and
Exchange Commission approved amendments to New York Stock
Exchange (“NYSE” or, the “Exchange”) Rule 607, regarding methods
of arbitrator selection. The text of amended Rule 607 is
attached as Exhibit A.
Among other changes, Rule 607 now gives
the public customer or non-member the choice of selecting
arbitrators pursuant to the computerized method of random list
selection or the traditional method of staff appointment.
Agreement by all parties to utilize the random list selection
method is no longer required.
The provisions of amended Rule 607 are effective as
of November 22, 2005. If the customer or non-member requests in
writing within 45 days from the time the statement of claim is
filed, or, if all parties agree and so notify the Exchange
within that time frame, arbitrators will be selected according
to random list selection. The NYSE will also continue to
accommodate any reasonable alternative way to select
arbitrators, provided the parties agree.
Any questions about the new method of
arbitrator selection may be directed to Karen Kupersmith,
Director of Arbitration, at (212)
656-4865. |
