Unlisted trading privileges ("UTP")

• Rights granted to securities exchanges to trade securities listed on another exchange
• Per Exchange Act § 12(f)

Amended by the Unlisted Trading Privileges Act of 1994

• 1936 amendment required application to, and approval by, the SEC
• SEC routinely granted approval, even over issuer objection
• 1994 amendment made UTP automatic
• Only exception is that issuer must consent to Nasdaq NMS status

NYSE exercises UTP to trade a security
not listed on NYSE 2001

• Nasdaq press release 7.12.01