NYSE & NYSE MKT Equity Retail Liquidity

Our NYSE and NYSE MKT Retail Liquidity Program promotes price improvement for individual investors on retail order flow for NYSE and NYSE MKT listed securities on NYSE. Offering price improvement for retail orders within an exchange environment, this program gives individual investors new economic incentives and ensures greater transparency, liquidity and competition in the marketplace.

Documentation


Tech Specs

Fact Sheet

Statistics

July 20 - July 24, 2015

Retail Shares Placed (ADV)Shares Executed (ADV)Average Price ImprovementNumber of Symbols with PI OrdersTime with PI for Symbols With Executions
18,612,4113,235,378$0.00183,43784.89%

Daily Data

Weekly Data


NYSE Retail Liquidity Providing Firms

The first-of-its-kind Retail Liquidity Program is a market innovation that produces cost savings for individual investors through price improvement on retail equities trading order flow for New York Stock Exchange and NYSE MKT listed and NASDAQ UTP-traded equity securities. The program is complementary to existing marketplace offerings for retail investors and is intended for use by retail brokerage firms directly and market intermediaries that service retail order flow providers.


NYSE SLP

Supplemental Liquidity Providers (SLPs) are electronic, high volume members incented to add liquidity on the NYSE and NYSE MKT. All of their trading is proprietary. All NYSE and NYSE MKT 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

Documentation

Approved NYSE Supplemental Liquidity Providing (SLP-Prop) Firms

  1. HRT Financial LLC
  2. Latour Trading, LLC
  3. Tradebot Systems, Inc.
  4. Virtu Financial BD LLC

Approved NYSE Supplemental Liquidity Providing (SLMM) Firms

  1. Citadel Securities LLC
  2. KCG Americas LLC
  3. Goldman, Sachs & Company

Other Liquidity Sources

NYSE Arca Equity Retail Liquidity

Our NYSE Arca Retail Liquidity Program promotes price improvement for individual investors on retail order flow for NYSE Arca listed ETP's and Tape C securities on Arca. Offering price improvement for retail orders within an exchange environment, this program gives individual investors new economic incentives and ensures greater transparency, liquidity and competition in the marketplace.

Documentation


Daily Data


Weekly Data


Applications and Agreements

NYSE Arca LMM

The all-electronic NYSE Arca relies on a system of competing Market Makers to provide a fast, efficient, and consistent marketplace for all participants, including liquidity providers. Market Makers are required to maintain adequate minimum capital and continuous, two-sided identified and displayed quotes for all registered securities during Core Trading Hours (9:30 a.m. to 4:00 p.m. ET). They also clear and settle transactions through a registered clearing agency.

NYSE Arca appoints Lead Market Makers (LMMs) for ETPs (Exchange Traded Products) with a primary listing on the exchange to meet defined obligations in exchange for incentives such as lower transaction fees. For more information, please review the NYSE Arca Product Brief: Lead Market Making (pdf).

Market Maker Capital Requirements

Market Makers subject to the Aggregate Indebtedness Requirement maintain minimum net capital that is the greater of:

  • $100,000
  • $2,500 for each security that it is registered as a Market Maker (unless a security in which it makes a market has a market value of $5 or less. In this event the amount of net capital shall be not less than $1,000 for each such security) based on the average number of securities that such Market Maker is registered during the 30 days immediately preceding the computation date
  • 6 2/3 percent of aggregate indebtedness
  • the amount prescribed by SEC Rule 15c3-1

Market Makers subject to the Alternative Net Capital Requirement maintain minimum net capital that is the greater of:

  • 250,000
  • 2 percent of aggregate indebtedness
  • the amount prescribed by SEC Rule 15c3-1

Become a NYSE Arca Market Maker

Eligible traders can apply in writing to register as Market Maker Authorized Traders (MMAT). Market Makers must meet rigorous education, training, and testing requirements to obtain NYSE Arca Equity Trading Permits (ETP), register in a given security, and remain in good standing with NYSE Arca thereafter to perform market-making activities.

The NYSE Arca Market Maker Orientation is an introduction to NYSE Arca Market Maker access, obligations, requirements and order types. Please review and certify that you have completed and understand the policies and procedures set forth in the Market Maker Orientation by signing the last page of the PowerPoint and returning to Client Relationship Services by fax or email at +1 312 960 9647 or crs@nyx.com.

NYSE Arca will review this document upon receipt, and Market Maker Registration becomes effective when the applicant receives approval notice from the NYSE Arca.

Next, please complete the Application for Market Maker Registration* (pdf) or the Application to Become a Lead Market Maker in a Particular NYSE Arca Primary Listed Security** (pdf)

Substantial or continued failure to engage in dealings in accordance with NYSE Arca rules will result in suspension or termination of Market Making status. Any registered Market Maker may withdraw registration by giving written notice to NYSE Arca, and the withdrawal becomes effective on the tenth business day following the NYSE Arca's receipt of the notice. After the withdrawal, the ETP holder shall not be permitted to re-register as a Market Maker for a period of six months.

MMATs must not be subject to statutory disqualifications.

Documentation

Fact Sheet

Arca Market Maker Orientation

Application for Market Maker Registration*

Application to Become LMM in a Particular NYSE Arca Primary Listed Security**

*Includes Market Maker and Lead Market Maker
**Must be an existing Lead Market Maker ETP in order to submit this application for a green sheet posting