A Market Maker is defined as an ATP Holder or ATP Firm registered with NYSE American for the purpose of submitting quotes electronically and making transactions as a dealer-specialist through the new trading platform from on or off the trading floor. A Market Maker on NYSE American is either a Market Maker or a Specialist.
Market Makers are required to apply for an appointment in one or more options classes. NYSE American will appoint one Specialist per option class and an unlimited number of Market Makers in each class.
The number of issues per ATP that a Market Maker may select for its appointment is as follows:
|NUMBER OF ATPS||OPTION ISSUES IN APPOINTMENT|
|1||60 + bottom 45% of issues traded on the Exchange by volume|
|2||150 + bottom 45% of issues traded on the Exchange by volume|
|3||500 + bottom 45% of issues traded on the Exchange by volume|
|4||1,100 + bottom 45% of issues traded on the Exchange by volume|
|5||All issues traded on the Exchange|
The bottom 45% of issues traded on the Exchange means the least actively traded issues on the Exchange, ranked by industry volume, as reported by the OCC for each issue during the calendar quarter. Each calendar quarter, with a one-month lag, the Exchange will publish on its website a list of the bottom 45% of issues traded. Any newly listed issues will automatically become part of the bottom 45% until the next evaluation period, at which time they may or may not remain part of the bottom 45% list depending upon their trading volumes and resultant rank among all issues traded on the Exchange.
Market Makers may select from among any option issues traded on NYSE American for inclusion in their appointment. Market Makers are permitted to change the option issues that are included in their appointment.
Market Makers are required to trade at least 75% of their contract volume per quarter in classes within their appointment. Trades done on the Trading Floor to accommodate cross trades, regardless of whether the trades are in issues within or without a Market Maker’s appointment, are excluded from this calculation.
MARKET MAKER QUOTATIONS
Market Makers will only be permitted to enter quotations in the issues included in their appointment. If Market Makers wish to trade issues outside their primary, they must do so by entering orders.
A Specialist must provide continuous two-sided quotations throughout the trading day in its appointed issues for 90% of the time the Exchange is open for trading in each issue. These obligations will apply to all of the Specialist's appointed issues collectively, rather than on an issue-by-issue basis. Compliance with this obligation will be determined on a monthly basis.
A Market Maker must provide continuous two-sided quotations throughout the trading day in its appointed issues for 60% of the time the Exchange is open for trading in each issue. These obligations will apply to all of the Market Maker’s appointed issues collectively, rather than on an issue-by-issue basis. Compliance with this obligation will be determined on a monthly basis.
ATP ORIENTATION AND TESTING
Market Maker Authorized Traders are required to have passed either the Series 48 or Series 56 examination. Authorized Traders are required to have passed the Series 7 examination. Applicants must have obtained a passing score of 75% or higher on the Series 48, and 70% or higher on the Series 56 or Series 7.
All exams are administered at the FINRA offices nationwide. Market Maker Authorized Trader and Authorized Trader applicants may request a waiver of the Series 56 or Series 7 exams. Waivers will be based on relevant experience and granted at the sole discretion of the Exchange if a determination is made that the applicant has standards of approval acceptable to the Corporation.
NYSE American Options is committed to providing each of our trading clients with seamless connectivity that enables fast, streamlined access to multiple exchanges through one standard interface.
The NYSE Arca FIX Gateway was designed for just that, offering connections to NYSE Arca Options and NYSE American Options over a single FIX session. Best of all, you can connect to the NYSE Arca FIX Gateway using an existing trading system or third-party vendor - without any new interfaces, additional accounts or extra costs.
The NYSE Arca FIX Gateway combines superior performance and speed to provide inbound order routing, execution reporting, and market-making capabilities. With the standard FIX interface, you'll receive all the enhanced features of NYSE Arca, including traditional and sophisticated order types such as discretionary and reserve orders.
NYSE ARCA FIX GATEWAY TESTING
If you already have a SFTI line or line through a third party extranet and would like to begin NYSE Arca FIX Application testing, please contact our Member Firm Testing group at the email link or phone number below. You will need to provide your client domain to begin NYSE Arca Gateway FIX Test Session setup for UAT and Production.
If you already have a SFTI or a third-party extranet line and have certified your FIX application, you can request Production Arca FIX Sessions by contacting our Production Support Group at the email link or phone number below. The Production Support group facilitates all production connectivity and provides support for all production NYSE Arca FIX sessions.
NYSE ARCA FIX DROP COPIES
Complete your FIX execution reporting in just one session. The FIX Drop Copy Gateway facilitates order execution detail transfers for RealTick® or FIX order-entry users, and NYSE Arca can send drop copies to a variety of destinations. To test drop copies, please contact the Member Firm Testing group at the email link or phone number below. To add drop copy to your existing production setup, please contact Production Support at the email link or phone number below.
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All options contracts traded by NYSE American Options are cleared by the Options Clearing Corporation (OCC).