On December 11, 2006, the Securities
and Exchange Commission approved
an
amendment to New York Stock Exchange (the “Exchange”) Rule 607.
This amendment allows claimants to request the Random List
Selection method of arbitrator appointment in any arbitration
matter not involving customers. It does not impact the customers’
ability to request Random List Selection. In all cases involving
customers, the customers’ choice of arbitrator selection method
always prevails.
Under the Random List Selection method
of arbitrator appointment, parties are sent a randomly generated
list of arbitrators, and each party has a limited number of
strikes. The Exchange will continue to offer staff appointment of
arbitrators, and to accommodate any reasonable alternative way to
select arbitrators, provided the parties agree.
The provisions of amended Rule
607 are effective as of December 15, 2006. The text of Rule 607,
as amended, is attached as Exhibit A.
Questions concerning this memorandum should
be directed to Karen Kupersmith, Director of Arbitration at (212)
656-4865.
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