The document discusses the listing requirements for the NYSE MKT stock exchange. It provides background on the history and evolution of the NYSE MKT from the American Stock Exchange to its current name. It explains that the NYSE MKT focuses on small and micro-cap companies and uses a Designated Market Maker model to match buyers and sellers, whereas NASDAQ relies on multiple competing market makers and a purely electronic system. Listing companies must comply with the unique rules and regulations of the exchange on which they list.

1. NYSE MKT Listing
Requirements
NYSE MKT - Introduction- NYSE MKT Listing Requirements- The NYSE MKT is the small-
and micro-cap exchange level of the NYSE suite of marketplaces. The NYSE MKT was
formerly the separate American Stock Exchange known as the AMEX. In 2008, the
NYSE Euronext purchased the AMEX and in 2009 renamed it the NYSE Amex Equities.
In 2012 the exchange was renamed again to the current NYSE MKT. The NASDAQ and
NYSE MKT are ultimately business operations vying for attention and competing to
attract the best publicly traded companies and investor following…

2. NYSE MKT Listing Requirements
• The NYSE MKT is the small- and micro-cap exchange level of the NYSE suite
of marketplaces. The NYSE MKT was formerly the separate American Stock
Exchange known as the AMEX. In 2008, the NYSE Euronext purchased the
AMEX and in 2009 renamed it the NYSE Amex Equities. In 2012 the
exchange was renamed again to the current NYSE MKT. The NASDAQ and
NYSE MKT are ultimately business operations vying for attention and
competing to attract the best publicly traded companies and investor
following.
• Although there are substantial similarities among the different exchanges,
and each is governed by the same overall SEC rules and regulations, each
exchange also has its own unique differences. Each exchange has its own
sets of rules and regulations that listing companies must comply with in
order to obtain and maintain listing qualification.

3. NYSE MKT Listing Requirements
• Like all exchanges, and the OTCQX tier of the OTC Markets, the NYSE MKT offers
investor relations, broker-dealer networking and marketing services to its listed
companies. The NYSE MKT’s distinctive formula is the Designated Market Maker
(DMM) model. A DMM used to be called a Specialist. A DMM is assigned to each
security and uses both manual and electronic metrics and algorithms to help
stabilize market price and trading volume.
• NASDAQ does not have internal DMM’s, but rather relies on market makers in
general to increase volume and liquidity and decrease volatility in NASDAQ
traded securities. Whereas the NYSE MKT relies on both manual human and
electronic trading oversight, the NASDAQ is purely electronic. The NYSE MKT has
an auction model run by the DMM’s. The DMM reports all bids and asks into the
marketplace, quotes the best bids and offers, and sets the opening price of its
assigned securities each day. The opening price may be different than the prior
day’s closing price due to after-market trading or any other factor that affects
supply and demand.

4. NYSE MKT Listing Requirements
• In other words, the DMM is an intermediary between the
broker/dealer/market participants and the execution of trades themselves.
The DMM is motivated to match buyers and sellers and fulfill trading
requests by either using its own inventory of the security or finding broker-
dealers with matching orders.
• NASDAQ does not have the auction or DMM model. Rather, NASDAQ relies
on market makers. Market makers must quote both a firm bid price and
firm ask price they are willing to honor. Each NASDAQ security has multiple
market makers and generally at least 14, competing for trades, and helping
to ensure that the bid-ask spread is low and that supply and demand
results in the best execution prices.

5. NYSE MKT Listing
Requirements