Execution Fee per bond for orders that take liquidity from the NYSE BondBook:
|Executions of one to ten (10) bonds||$0.00 per bond|
|Executions of eleven (11) to twenty-five (25) bonds||$0.00 per bond|
|Executions of twenty-six (26) bonds and above||$0.00 per bond|
|Bond Liquidity Provider rebate||$0.05 per bond|
Bond Liquidity Provider rebates are subject to a $50.00 maximum fee per execution.
The NYSE bond marketplace provides opportunities for both liquidity takers and liquidity providers to interact in a fair, open environment. There are no subject orders — all orders are firm. All trades are locked in and uploaded to DTCC with the appropriate accrued interest adjustments made for clearing and settlement.
The NYSE Bonds orders are matched on a strict price/time priority basis. Undisplayed reserve interest will always yield to displayed orders at a particular price. All orders will only be matched with orders resident in the order book. Bonds will trade in decimal increments to 2 decimal places (e.g. 101.32).
NYSE Bonds offers several order types:
Bond orders that trade on the NYSE are represented by a nine-character CUSIP.
An order to buy $25,000 face value of bonds issued by GMAC with a coupon rate of 5.25%, maturing in 2016, would appear in the NYSE system as: