The New York Stock Exchange has begun the roll-out of a pilot program to introduce the first phase of the NYSE Hybrid Market, a new market model designed to give customers the broadest choice of trade-execution preferences.

The pilot, which is being rolled out to a group of 168 securities a few at a time, will enable members and member firms to gain essential practical experience with the new systems and processes in a controlled and well-modulated way.

“The Hybrid Market will offer greater choice to customers who want to trade electronically, instantaneously and anonymously, while maintaining the benefits of our auction market,” said NYSE CEO John Thain. “The pilot is a small but important step toward creating a next-generation market that offers our customers the widest range of choices to access the world’s largest and deepest pool of liquidity.”

The pilot began yesterday and will last 90 days or until the SEC approves the NYSE’s Hybrid Market proposal, whichever comes first. Additional phases of the Hybrid roll-out will be announced in early 2006.