The U.S. Securities and Exchange Commission has approved the rules for NYSE Euronext’s MatchPoint crossing network. MatchPoint is expected to officially begin trading on January 22, 2008.

The portfolio-based electronic trading facility will match aggregated orders at set times during regular market hours, as well as after hours. MatchPoint will offer trading in securities listed on all major and regional U.S. stock exchanges.

According to the exchange, MatchPoint’s initial matching session will be after hours at 4:45 p.m., using the official closing price of the primary market.

Regular hours sessions will soon be available at 9:45 a.m., as well as 10 a.m., 11 a.m., 12 p.m., 1 p.m. 2 p.m. and 3 p.m. For intraday matches, pricing will be based on the mid-point of the NBBO randomly selected during a one–minute pricing period.

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