When you or your firm obtains an Options Trading Permit (OTP) and registers with our Exchange, you become a Market Maker on NYSE Arca. With the ability to submit quotes electronically, the Market Maker acts as a dealer-specialist, executing transactions through our new, state-of-the-art trading platform, on or off the trading floor. A Market Maker on NYSE Arca is either a Market Maker or a Lead Market Maker.
To be registered as a NYSE Arca Market Maker, you need to apply for an appointment in one or more option classes. We appoint one Lead Market Maker per option class and an unlimited number of Market Makers in all classes. The following chart indicates the number of issues per OTP that a Market Maker may select for appointment:.
|NUMBER OF OTPS||OPTION ISSUES IN APPOINTMENT|
As a NYSE Arca Market Maker, you may select from among any option issues traded on the Exchange for inclusion in your appointment. You are required to trade at least 75% of your contract volume per quarter in classes within your appointment. However, trades done on the Trading Floor to accommodate cross trades, regardless of whether they are trade issues with or without a Market Maker’s appointment, are excluded from this calculation.
As a Market Maker, you will only be able to enter quotations in the issues to which you are appointed. If you wish to trade issues outside your primary issue class, you must do so by entering orders.
A Lead Market Maker provides continuous two-sided quotations throughout the trading day in their appointed issues for 90% of the time the Exchange is open for trading in each issue. This requirement applies to all of the Lead Market Maker's appointed issues collectively, rather than on an issue-by-issue basis. Compliance with this obligation will be ascertained on a monthly basis.
A Market Maker provides continuous two-sided quotations throughout the trading day in their appointed issues for 60% of the time the Exchange is open for trading in each issue. This requirement applies to all of the Market Maker’s appointed issues collectively, rather than on an issue-by-issue basis. Compliance with this obligation will be ascertained on a monthly basis.
Before becoming a Market Maker Authorized Trader or an Authorized Trader, you first need to have passed either the Series 44, the Series 56 or the Series 7 examination. Market Maker applicants must have passed either the Series 44 or Series 56 exam. The Series 7 exam is required for order entry firms. Applicants must have obtained a passing score of 75% or higher on the Series 44, 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 Arca 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.
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.
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 Arca Options are cleared by the Options Clearing Corporation (OCC).