At what time on May 2, 2005 does the Pilot Program begin?
The Pilot begins on May 2, 2005 when the consolidated tape opens. Currently, the consolidated tape opens at 4:00 am ET. See Question B.2. Consequently, on May 2, 2005: Category A Pilot Securities will not be subject to short sale price tests at any time beginning at 4:00 am ET; Category B Pilot Securities will be subject to short sale price tests that would otherwise apply to such securities from 4:00 am ET until 4:15 pm ET; and Category C Pilot Securities will be subject to short sale price tests that would otherwise apply to such securities from 4:00 am ET until the close of the consolidated tape (currently 8:00 pm ET). The Pilot ends on April 28, 2006 when the consolidated tape closes. C. Frequently Asked Questions Concerning Order Marking and Trade Execution involving Pilot Securities Question C.1: As described in the Second Pilot Order, market centers intend to implement systems changes that will “mask” the order designations for securities included in the Pilot and process short
