Trading at NYSE/NYSE Equities

NYSE Equities

NYSE Group operates five equities markets with distinct trading and pricing models all powered by NYSE Pillar, our integrated trading technology platform that is designed to improve efficiency and reduce complexity, while enhancing consistency, performance and resiliency.

Market Highlights

Parity/priority model
Make/Take pricing
Primary Listings

Trading Floor
Designated Market Makers for primary listings
Opening and Closing Auctions in primary listings

NYSE is the only US equities exchange that operates a trading floor and a parity/priority model which rewards price setters and then allocates incoming orders across multiple participants resting at the same price, promoting deep liquidity and superior market quality. You can watch parity in action or read FAQs.

NYSE runs opening and closing auctions in primarily listed symbols.

Like all our markets, NYSE runs on our proprietary integrated trading technology platform, NYSE Pillar. It is designed to improve efficiency and reduce complexity for customers, while enhancing consistency, performance and resiliency.

Market Participants

Designated Market Maker
DMMs have obligations to maintain fair and orderly markets for their assigned securities. They operate both manually and electronically to facilitate price discovery during market opens, closes and during periods of trading imbalances or instability. There is one DMM assigned to each NYSE listed security.

NYSE DMMs

Citadel Securities LLC
Virtu Americas LLC
GTS Securities LLC

Supplemental Market Maker
Supplemental Liquidity Providers (SLPs) are electronic, high volume members incented to add liquidity on the NYSE. All of their trading is proprietary. All NYSE stocks are eligible, but not all have SLPs. Supplemental Liquidity Providers are primarily found in more liquid stocks with greater than 1 million shares of average daily volume.

SLPs must maintain a bid or offer at the National Best Bid or Offer (NBBO) in each assigned security at least 10 percent of the trading day
SLPs trade only for their proprietary accounts, not for public customers or on an agency basis
SLPs that post liquidity in an assigned security that executes against incoming orders are awarded a financial rebate by the NYSE
An SLP can be either a proprietary trading unit of a member organization ("SLP-Prop") or a registered market maker at the Exchange ("SLMM")

Approved NYSE Supplemental Liquidity Providing (SLP-PROP) Firms

GTS Securities LLC
Goldman Sachs & Co. LLC
HRT Financial LP
IMC Chicago, LLC
Jane Street Capital, LLC

Jump Trading, LLC
Latour Trading LLC
Pundion LLC
Virtu Americas LLC

Approved NYSE Supplemental Liquidity Providing (SLMM) Firms

Citadel Securities LLC
Goldman, Sachs & Company
Virtu Americas LLC

Floor Broker
Floor brokers are employees of member firms who execute trades on the exchange floor on behalf of the firm's clients. They act as agents, buying and selling stock for the public (institutions, hedge funds, broker/dealers). Floor brokers are physically present on the trading floor and are active participants during NYSE's opening and closing auctions, as well as throughout the trading day.

Floor Broker Directory

Market Quality Charts

Most Market Share and Liquidity1

Most Time Quoting at Best Prices1

Largest Quoted Size at Best Prices1

Narrowest Quoted Spread1,2

Source: NYSE Internal Database and Consolidated Tape Statistics, September 1, 2025 to December 31, 2025

Data includes top 10 exchanges in all categories

1. Includes NYSE Listed Securities Only

2. Calculated using Enhanced Quoted Spread (EQS). EQS methodology is described here.

Membership On-Ramp program

The NYSE Membership On Ramp program provides significant discounts to fees for NYSE trading licenses, ports, and market data products. Joining the NYSE means capitalizing on market access, technology solutions, industry expertise and data products that drive outperformance every day.

Learn more

Membership details
New Electronic and NYSE Floor members are eligible* for the following discount schedule:

On-ramp timeline	Phase 1	Phase 2	Phase 3
Months	1-6	7-12	13-18
Membership fee discount	100%	50%	25%
Port fee discount	100%	50%	25%
Market data discount	100%	50%	25%

After the above 18-month timeline, full charge will be implemented.

* Eligibility will be determined by several factors including (but not limited to) approval from NYSE, meeting the “new member” definition, and first-time enrollment only. For full details, click here.

NYSE Retail Liquidity Program

The NYSE Retail Liquidity programs offers price improvement for individual investors on retail order flow for securities that trade on the NYSE. Offering price improvement for retail orders within an exchange environment offers individual investors new economic incentives and provides greater transparency, liquidity and competition in the U.S. cash equities marketplace. The program can be utilized by retail firms directly as well as by the brokers that service retail order flow providers.

Retail Taker Order
A Retail Taker Order is an agency order that originates from a natural person and is submitted to the Exchange by an Retail Member Organization. The order cannot originate from a trading algorithm or any other computer methodology. The Retail Order interacts with Retail Price Improvement (RPI) orders and other available orders that are priced better than the contra-side PBBO.

Retail Price Improvement (RPI) Orders

Retail Price Improvement (RPI) Orders provide price improvement for Retail Orders in the form of non-displayed interest priced better than the PBBO. RPI Orders can be sent by any exchange participants. NYSE sends an indicator to both the NYSE XDP and SIP feeds when RPIs are available, indicating the side of the interest but not the size.

Retail Attested Order

A Retail Attested Order is an agency order that originates from a natural person. The order cannot originate from a trading algorithm or any other computer methodology. The Retail Attested Order can add or remove liquidity and receives enhanced economics. It can interact with any orders on the book but not RPI orders.

Market Highlights

Price/Time allocation model
Make/Take pricing
Primary Listings for small cap companies

Electronic Designated Market Makers for primary listings
Opening and Closing Auctions in primary listings

Drawing on its heritage as the American Stock Exchange, NYSE American is an exchange designed for growing companies, and offers investors greater choice in how they trade.

NYSE American is a competitively priced venue that blends unique features derived from the NYSE, such as electronic Designated Market Makers (e-DMMs) with quoting obligations for each NYSE American-listed company, with NYSE Arca's fully electronic price/time priority execution model.

Market Participants

Electronic Designated Market Maker (eDMM) have obligations to maintain fair and orderly markets for their assigned securities. They operate electronically to facilitate price discovery during market opens, closes and during periods of trading imbalances or instability. There is one eDMM assigned to each NYSE American listed security.

Market Quality Charts

Market Share and Liquidity1

Most Time Quoting At Best Prices1

Largest Quoted Size at Best Prices1

Narrowest Quoted Spread1,2

Source: NYSE Internal Database and Consolidated Tape Statistics, September 1, 2025 to December 31, 2025

Data includes top 10 exchanges in all categories

1. Includes NYSE American Listed Securities Only

2. Calculated using Enhanced Quoted Spread (EQS). EQS methodology is described here.

Market Highlights

Price/Time allocation model
Make/Take pricing
Primary Listings for Exchange Traded Products

Lead Market Makers for primary listings
Opening Auctions in primary listings
Closing Auctions in all NMS securities

NYSE Arca is a fully electronic market and the leading U.S. exchange for the listing and trading of exchange-traded products (ETPs) and also trades all NMS securities. NYSE Arca offers transparent, low latency trading with a price time priority model along with opening and closing auctions. NYSE Arca has the greatest market share of traded volume and greatest depth of liquidity across all U.S. ETPs. By offering the most comprehensive trading programs, our market makers are incentivized to provide additional liquidity throughout the day.

Like all our markets, NYSE Arca runs on our proprietary integrated trading technology platform, NYSE Pillar. It is designed to improve efficiency and reduce complexity for customers, while enhancing consistency, performance and resiliency.

Market Participants

Lead Market Maker (LMM)
LMM's have clearly defined quoting obligations that must be met on an ongoing basis. In addition to Market Maker Quoting Obligations, such as maintaining continuous two-sided quotes, LMMs must meet minimum performance requirements across a wide array of statistical metrics for each primarily listed ETP.

Supplemental Participant
Registered Market Makers assigned by the ETP issuer to provide liquidity in addition to the LMM. Market Makers cannot be both a registered LMM and designated as a Supplemental Participant in the same ETP.

Market Quality Charts

Market Share of Exchange Volume1

Most Time at Best Prices1

Most Time & Size at Best Prices1

Narrowest Quoted Spread1,2

Source: NYSE Internal Database and Consolidated Tape Statistics, September 1, 2025 to December 31, 2025

Data includes top 10 exchanges in all categories

1. Includes NYSE Arca Listed Securities Only

2. Calculated using Enhanced Quoted Spread (EQS). EQS methodology is described here.

Market Highlights

Price/Time allocation model
Take/Make pricing
Retail Liquidity Program

NYSE National is a fully electronic market, trading on price/time priority trading all NMS securities. NYSE National offers an inverted pricing model which offers rebates to liquidity taking orders. Like all our markets, NYSE National runs on our proprietary integrated trading technology platform, NYSE Pillar. It is designed to improve efficiency and reduce complexity for customers, while enhancing consistency, performance and resiliency.

NYSE National Retail Liquidity Program

The NYSE National Retail Liquidity Program offers midpoint price improvement for individual investors on retail order flow for securities that trade on NYSE National. Offering price improvement for retail orders within an exchange environment offers individual investors new economic incentives and provides greater transparency, liquidity and competition in the U.S. cash equities marketplace. The program can be utilized by retail firms directly as well as by the brokers that service retail order flow providers.

Retail Price Improvement (RPI) Orders
Retail Price Improvement (RPI) Orders provide price improvement for Retail Orders in the form of non-displayed interest priced at the midpoint of the PBBO. RPI Orders can be sent by any exchange participant. NYSE sends an indicator to both the NYSE XDP and SIP feeds when RPIs are available, indicating the side of the interest but not the size.

Retail Attested Order
A Retail Attested Order is an agency order that originates from a natural person. The order cannot originate from a trading algorithm or any other computer methodology. The Retail Attested Order can add or remove liquidity and receives enhanced economics. It can interact with any orders on the book but not RPI orders.

Market Highlights

Price/Time allocation model
Make/Take pricing
Institutional Brokers

Primary and Dual Listings
Opening and Closing Auctions Primary Listings

NYSE Texas launched in 2025 as a fully electronic equities exchange, based in Dallas. NYSE Texas is a fully electronic market, trading all NMS securities using price/time priority. NYSE Texas offers unique features to support the brokers serving the exchange-traded derivatives community. Like all our markets, NYSE Texas runs on our proprietary integrated trading technology platform, NYSE Pillar. It is designed to improve efficiency and reduce complexity for customers, while enhancing consistency, performance and resiliency.

Market Participants

Institutional Broker (IB)
IB's facilitate option contingent stock trades known as Qualified Contingent Trades. NYSE Texas IBs trade approximately $5 Billion of Option related Equity trades every day.

NYSE Texas Listed Securities

Become a member of NYSE Texas with a dual listing. Qualified companies can dually list at no additional cost and maintain their primary listing.

Learn more about our dually listed companies

Symbol	Issuer name
LBRT	LIBERTY ENERGY, INC.
PEW	GRABAGUN DIGITAL HOLDINGS INC.
TCBX	THIRD COAST BANCSHARES, INC.
ACA	ARCOSA, INC.
WBI	WATERBRIDGE INFRASTRUCTURE LLC
TFIN	TRIUMPH FINANCIAL, INC.
MAIN	MAIN STREET CAPITAL CORPORATION
MSIF	MSC INCOME FUND, INC.
NXDT	NEXPOINT DIVERSIFIED REAL ESTATE TRUST
NREF	NEXPOINT REAL ESTATE FINANCE, INC.
NXRT	NEXPOINT RESIDENTIAL TRUST, INC.
FET	FORUM ENERGY TECHNOLOGIES, INC.
VST	VISTRA CORP.
CNK	CINEMARK HOLDINGS, INC.
QTWO	Q2 HOLDINGS, INC.
WTTR	SELECT WATER SOLUTIONS, INC.
FLOC	FLOWCO HOLDINGS, INC.
GL	GLOBE LIFE INC.
NSP	INSPERITY, INC.
LB	LANDBRIDGE COMPANY LLC
FOA	FINANCE OF AMERICAS COS. INC.
TPL	TEXAS PACIFIC LAND CORPORATION
HTH	HILLTOP HOLDINGS INC.
PX	P10, INC.
EXP	EAGLE MATERIALS INC.
BH.A	BIGLARI HOLDINGS, INC. CLASS A
BH	BIGLARI HOLDINGS, INC. CLASS B
VEL	VELOCITY FINANCIAL, INC.
INVH	INVITATION HOMES INC.
AROC	ARCHROCK, INC.
BLDR	BUILDERS FIRSTSOURCE, INC.
AZZ	AZZ, INC.
GRBK	GREEN BRICK PARTNERS, INC.
AESI	ATLAS ENERGY SOLUTIONS INC.
T	AT&T INC.
SEI	SOLARIS ENERGY INFRASTRUCTURE, INC.
—	STRIVE ASSET MANAGEMENT ETFs
KNTK	KINETIK HOLDINGS INC.
TRN	TRINITY INDUSTRIES, INC.
UAMY	UNITED STATES ANTIMONY CORPORATION
FOR	FORESTAR GROUP INC.
RNGR	RANGER ENERGY SERVICES, INC.
DINO	HF SINCLAIR CORPORATION
WCN	WASTE CONNECTIONS, INC
ICE	INTERCONTINENTAL EXCHANGE, INC
DHI	D.R. HORTON, INC.
STEL	STELLAR BANCORP, INC.
DAR	DARLING INGREDIENTS INC.
USPH	U.S. PHYSICAL THERAPY, INC.
HAL	HALLIBURTON COMPANY
ORN	ORION GROUP HOLDINGS, INC.
TXO	TXO PARTNERS, L.P.
ELA	ENVELA CORPORATION
CRK	COMSTOCK RESOURCES, INC.
DJT	TRUMP MEDIA & TECHNOLOGY GROUP, CORP.

Symbol	Issuer name
ABBV	ABBVIE INC.
ABT	ABBOTT LABORATORIES
ACA	ARCOSA, INC.
AESI	ATLAS ENERGY SOLUTIONS INC.
AIR	AAR CORP
ALL	ALLSTATE CORPORATION
ATGE	ADTALEM GLOBAL EDUCATION, INC.
BAX	BAXTER INTERNATIONAL INC.
BC	BRUNSWICK CORPORATION
BH.A	BIGLARI HOLDINGS, INC. CLASS A
BH	BIGLARI HOLDINGS, INC. CLASS B
BUXX	STRIVE ENHANCED INCOME SHORT MATURITY ETF
CNA	CNA FINANCIAL CORPORATION
CNP	CENTERPOINT ENERGY INC.
CRK	COMSTOCK RESOURCES, INC.
DAR	DARLING INGREDIENTS INC.
DHI	D.R. HORTON, INC.
DINO	HF SINCLAIR CORPORATION
DJT	TRUMP MEDIA & TECHNOLOGY GROUP, CORP.
DRLL	STRIVE U.S. ENERGY ETF
ELA	ENVELA CORPORATION
EMR	EMERSON ELECTRIC CO.
ETR	ENTERGY CORPORATION
EXP	EAGLE MATERIALS INC.
FET	FORUM ENERGY TECHNOLOGIES, INC.
FLOC	FLOWCO HOLDINGS, INC.
FOA	FINANCE OF AMERICAS COS. INC.
FOR	FORESTAR GROUP INC.
FTWO	STRIVE NATURAL RESOURCES AND SECURITY ETF
GATX	GATX CORPORATION
GL	GLOBE LIFE INC.
GRBK	GREEN BRICK PARTNERS, INC.
HAL	HALLIBURTON COMPANY
HTH	HILLTOP HOLDINGS INC.
IBM	INT'L BUS MACHINES CORPORATION
ICE	INTERCONTINENTAL EXCHANGE, INC.
KNTK	KINETIK HOLDINGS INC.
LB	LANDBRIDGE COMPANY LLC
LBRT	LIBERTY ENERGY, INC.
MMC	MARSH & MCLENNAN COMPANIES INC.
MMM	3M COMPANY
NSP	INSPERITY, INC.
ORN	ORION GROUP HOLDINGS, INC.
PX	P10, INC.
PEW	GRABAGUN DIGITAL HOLDINGS INC.
QTWO	Q2 HOLDINGS, INC.
RNGR	RANGER ENERGY SERVICES, INC.
SEI	SOLARIS ENERGY INFRASTRUCTURE
SF	STIFEL FINANCIAL CORP
SHOC	STRIVE U.S. SEMICONDUCTOR ETF
STEL	STELLAR BANCORP, INC.
STRV	STRIVE 500 ETF
STXD	STRIVE DIVIDEND GROWTH ETF
STXE	STRIVE EMERGING MARKETS ETF EX-CHINA
STXG	STRIVE 1000 GROWTH ETF
STXI	STRIVE INTERANTIONAL DEVELOPMED MARKETS ETF
STXK	STRIVE SMALL-CAP ETF
STXM	STRIVE MID-CAP ETF
STXT	STRIVE TOTAL RETURN BOND ETF
STXV	STRIVE 1000 VALUE ETF
T	AT&T INC.
TPL	TEXAS PACIFIC LAND CORPORATION
TRN	TRINITY INDUSTRIES, INC.
TXO	TXO PARTNERS, L.P.
UAMY	UNITED STATES ANTIMONY CORPORATION
USPH	U.S. PHYSICAL THERAPY, INC.
VBF	INVESCO BOND FUND
VCV	INVESCO CALIFORNIA VALUE MUNI INCOME TRUST
VEL	VELOCITY FINANCIAL, INC.
VGM	INVESCO TRUST FOR INVEST GRADE MUNI
VKI	INVESCO ADVANTAGE MUNI INCOME TRUST II
VKQ	INVESCO MUNICIPAL TRUST
VLT	INVESCO HIGH INCOME TRUST II
VMO	INVESCO MUNI OPPORTUNITY TRUST
VPV	INVESCO PENNSYLVANIA VALUE MUNICIPAL INC TR
VTN	INVESCO TRUST FOR INVESTMENT GRADE NEW
VVR	INVESCO SENIOR INCOME TRUST
WBI	WATERBRIDGE INFRASTRUCTURE LLC
WCN	WASTE CONNECTIONS, INC.
WHR	WHIRLPOOL CORPORATION
WTTR	SELECT WATER SOLUTIONS, INC.

The dashboard and reporting tools include user defined tracking and displays as well as a downloadable audit trail. The TRF is available to all FINRA member organizations that have a signed FINRA/NYSE TRF Subscriber Services Agreement. All trades reported to the FINRA/NYSE TRF® must comply with FINRA trade reporting rules and guidance, the federal securities laws, including SEC Reg. NMS rules and all other applicable rules and regulations.

NYSE TRF Portal

The dashboard and reporting tools include user defined tracking and alerts as well as a downloadable audit trail.

Dashboard: A web page that allows a user to view summary information about their trades using multiple criteria
Detail Drill Down: A more granular presentation of the information on the summary dashboard
Trade Through Display: Comparison of trade reports to NMS protected BBO
Reports: Excel downloads of the detailed information
Multiday Capability: The ability to find information contained in the dashboard, drill downs and reports historically for 6 months. Provides metrics, tracking, and data to TRF users and compliance officers.
Key capabilities: Includes trade reporting tools, market data insights, historical and downloadable data, and a compliance workflow manager.

Clearing Capability

The FINRA/NYSE TRF offers users the option to have clearing submitted for them to DTCC via QSR or AGU.

FINRA/NYSE TRF clearing is submitted to DTCC directly via QSR or AGU
For clearing submitted by FINRA/NYSE TRF, trade corrections are automatically processed at DTCC (pre-settlement)
Clearing method is designated on each order to allow flexibility
QSR submission by the participant to DTCC is also supported
Participants must have a valid Qualified Service Representative (QSR) agreement in place with the contra parties to report a trade where the contra party is another broker dealer

Pricing and Revenue Sharing

Market Data Revenue Sharing Percentages

The table below provides the consolidated tape market data revenue sharing percentages based on market share reported by a member to the FINRA/NYSE TRF during a given calendar quarter. For purposes of Rule 7610B, a member’s “Market Share” is the percentage calculated by dividing the total number of shares represented by trades reported by a FINRA member to the FINRA/NYSE Trade Reporting Facility during a given calendar quarter by the total number of shares represented by all trades reported to the Consolidated Tape Association or the Nasdaq Securities Information Processor, as applicable, during that quarter. Market Share is calculated separately for each tape.

Market Share Reported to the FINRA/NYSE TRF in Tape A, B, or C	Percentage of Market Data Revenue Shared in Tape A, B or C
Greater than or equal to 2.0%	100%
Greater than or equal to 0.5% but less than 2.0%	95%
Greater than or equal to 0.1% but less than 0.5%	85%
Less than 0.1%	0%

Subscriber Fee Per Month

Effective December 1, 2025, pending regulatory action, under the FINRA Rule 7600B Series, for each FINRA/NYSE TRF® participant, the monthly fee is based on the FINRA/NYSE TRF® participant's number of tape eligible trade reports reported to the FINRA/NYSE TRF® during a given calendar month (“Tape Eligible Trade Reports”).

The monthly fees paid by FINRA/NYSE TRF® participants include unlimited use of the NYSE TRF Portal, End of Day Journal and Drop Copy as well as full access to the FINRA/NYSE TRF® and supporting functionality, e.g., trade submission, reversals and cancellations.

The FINRA/NYSE TRF® does not charge port fees.

Tape Eligible Trade Reports	Monthly Participant Fee
Greater than or equal to 20 million reports	$50,000
Greater than or equal to 15 million reports but less than 20 million reports	$47,500
Greater than or equal to 10 million reports but less than 15 million reports	$45,000
Greater than or equal to 7.5 million reports but less than 10 million reports	$40,000
Greater than or equal to 5 million reports but less than 7.5 million reports	$35,000
Greater than or equal to 4 million reports but less than 5 million reports	$30,000
Greater than or equal to 3 million reports but less than 4 million reports	$25,000
Greater than or equal to 2 million reports but less than 3 million reports	$20,000
Greater than or equal to 1,500,000 reports but less than 2 million reports	$15,000
Greater than or equal to 1,250,000 reports but less than 1,500,000 reports	$10,000
Greater than or equal to 1 million reports but less than 1,250,000 reports	$7,000
Greater than or equal to 750,000 reports but less than 1 million reports	$5,000
Greater than or equal to 500,000 reports but less than 750,000 reports	$4,000
Greater than or equal to 250,000 reports but less than 500,000 reports	$3,000
Greater than or equal to 100,000 reports but less than 250,000 reports	$2,500
Greater than or equal to 5,000 reports but less than 100,000 reports	$1,500
Greater than or equal to 1 report but less than 5,000 reports	$1,000
No trade reports	$2,000