Trading Fees

NYSE American is uniquely positioned to offer choice, flexibility, and very competitive transaction fees to customers that access liquidity on our markets. Review the NYSE American Equities Price List for additional information about Equity Transaction Fees and Credits, and Listing Fees.

NYSE AMERICAN EQUITIES TRADING FEES AND PRICE LIST

Market Model

NYSE American eDMMs

  1. Brendan E Cryan & Co
  2. Citadel Securities LLC
  3. J Streicher & Co. LLC

Clearly Erroneous Execution

A Clearly Erroneous Execution (CEE) is defined as an execution at a price, for a quantity of shares, or with a symbol, that is substantially inconsistent with the current trading pattern of the issue. CEE Requests for Review are processed using a web-based submission service, designed to expedite and simplify review request entries and to help customers meet submission deadlines.

All NYSE, NYSE American, or NYSE Arca Submission Forms, and detailed CEE guidelines and policies are available on the Clearly Erroneous Execution landing page.

As of Monday, October 5, 2009 in conjunction with the other U.S. equities markets and pursuant to the NYSE Rule 128–NYSE changed the procedure to request a review of clearly erroneous trades.

CLEARLY ERRONEOUS EXECUTION (CEE) RULE AND PROCEDURE CHANGES

Crossing Session Information

For NYSE and NYSE American equity trading license holders, the Exchange currently offers a two sided crossing session for program trades through its Electronic Filing Platform (EFP).

TIME OF OPERATIONS FUNCTIONALITY
Crossing Session 4:00 - 6:30pm 4:00 - 6:30pm

On the dates the Trading Floor will close at 1:00 p.m., crossing session order entry will begin at 1:00 p.m. for continuous executions until 1:30 p.m.

Crossing Session (Program Trades)

Baskets can be submitted beginning at 4:00pm up to 6:30pm via the web-based electronic platform (EFP) or via an XML format. Accommodates the trading of program baskets of at least 15 NYSE securities regardless of value. Members that have either facilitated a basket trade or have paired two customers' baskets can submit aggregate information to the Exchange for immediate execution.

Reports of execution are available via the web-based electronic platform (EFP) shortly after the trade is entered.

Auctions

Overview

NYSE American conducts three single-price auctions each trading day - Early Open, Core Open and Closing Auction. The opening and closing auctions allow ETP holders to participate in real-time price discovery. As part of the auction process, NYSE American calculates and disseminates Auction Imbalance Information via the NYSE American Order Imbalance feed and NYSE American Integrated feed.

  Auction Time Auction Imbalance Information Begins
Early Open Auction 7:00 a.m. ET 6:30 a.m. ET
Core Open Auction 9:30 a.m. ET 8:00 a.m. ET
Closing Auction 4:00 p.m. ET 3:00 p.m. ET

Auction Imbalance Information comprises, in part, the following pieces of information:

  • Indicative Match Price — best price at which the maximum volume of shares, including the non-displayed quantity of Reserve Orders, is tradable in the applicable auction, subject to the Auction Collars.
  • Total Imbalance — net Imbalance of all buy (sell) shares at the Indicative Match Price for all orders that are eligible to trade in the applicable auction.
  • Market Imbalance — imbalance of any remaining buy (sell) Market Orders that are not matched for trading in the applicable auction.
  • Matched Volume — number of buy and sell shares that can be matched at the Indicative Match Price at any given time.
  • Auction Collar — price collar thresholds for the Indicative Match Price for the Core Open Auction, Trading Halt Auction, or Closing Auction.
Learn more about Imbalance feed message content


Early Open Auctions

At 7:00 a.m. ET, Limit Orders designated for the Early Trading Session are matched and executed in the Early Open Auction. NYSE American will accept orders for the Early Open Auction beginning at 6:30 a.m. ET, and will continue accepting orders until the Early Open Auction is conducted. Only Limit Orders that are eligible for the Early Trading Session will participate in the Early Open Auction.

The Early Open Auction will occur at the Indicative Match Price — the price at which the maximum volume of orders is executable at the time of the auction. If two or more prices can maximize executable volume, the Early Open Auction occurs at the price closest to the Auction Reference Price, which is the previous day’s Official Closing Price. Unexecuted orders become eligible for the Early Trading Session immediately upon conclusion of the Early Open Auction.

Example 1

Book at 7:00 a.m. ET: Official Closing Price 18.50

BUY VOLUME PRICE SELL VOLUME ORDER DESCRIPTION
3,000 $18.00 Limit
  $20.00 2000 Limit
  $19.99 5000 Limit

The following Auction Imbalance Information will be disseminated:

  • Market Order Imbalance: 0
  • Indicative Match Price: $19.99 (the side of the BBO that has the larger volume)
  • Matched Volume: 0
  • Total Imbalance: 5,000 shares

Result: No match.

Example 2

Book at 7:00 a.m. ET: Official Closing Price 18.50

BUY VOLUME PRICE SELL VOLUME ORDER DESCRIPTION
1,000 $20.00 Limit
  $19.00 1,000 Limit

The following Auction Imbalance information will be disseminated:

  • Market Order Imbalance: 0
  • Indicative Match Price: $19.00
  • Matched Volume: 1,000 shares
  • Total Imbalance: 0

Result: All shares paired off and executed at 19.00.


Core Open Auctions

The Core Open Auction serves as a bridge between the Early Trading Session and the Core Trading Session. The execution of the Core Open Auction is the first trade of the Core Trading Session. Limit Orders eligible for the Early Trading Session only will be cancelled back after the Core Open Auction.

Core Trading Session eligible Limit Orders, Market Orders and Auction-Only Orders will participate in the Core Open Auction. Beginning at 9:29 a.m. ET, requests to cancel or cancel and replace Market on Open (MOO) and Limit on Open (LOO) Orders will be rejected.  Beginning five seconds before the Core Open Auction, new MOO and LOO Orders will be rejected and new Limit Orders (that are not eligible to trade in the Early Trading Session) and Market Orders will be accepted, but will be eligible to participate in the Core Open Auction only to offset the imbalance that is remaining after all orders entered before that time period are allocated in the Core Open Auction. 

For example, if the aggregate volume of market sell orders in the Core Open Auction is 30,000, and the aggregate volume of buy orders (including Market and Limit Orders) is 25,000 shares, a market order imbalance on the sell side exists.

At 9:30 a.m. ET, the Core Open Auction will execute at a single price and all unexecuted orders will be released into the Core Trading Session.

Determining Core Open Auction Price

Beginning at 9:30 a.m. ET, all orders entered for the Core Open Auction in addition to all orders entered into the Core Trading Session will be included in the Core Open Auction.

  • Matched orders will be executed in the Core Open Auction at the Indicative Match Price as of 9:30 a.m. ET
  • If there are multiple prices at which the Total Imbalance can equally execute, the Indicative Match Price will be based on the price closest to the Auction Reference Price, including equal to the Auction Reference Price itself when that is one of the prices available.
  • If the matched volume consists only of buy Market Orders and sell Market Orders, the orders will be executed at the Auction Reference Price, which is:
    • the midpoint of the Auction NBBO* at 9:30 a.m. ET 
    • the locked price, if the Auction NBBO is locked at 9:30 a.m. ET
    • If there is no Auction NBBO, the prior day's Official Closing Price

*The "Auction NBBO" is an uncrossed NBBO where the midpoint of the NBBO, when multiplied by a designated percentage, is greater than or equal to the spread of that NBBO. The designated percentage may be changed upon prior notice to ETP Holders.

Core Open Auction Collars

The Core Open Auction is a single-price auction that matches buy and sell orders at the Indicative Match Price, the price that maximizes the amount of tradable stock within the Auction Collars. These collars are based on a specific percentage away from the Auction Reference Price.The Core Auction Collar is based on a price that is the greater of $0.50 or 10% away from the Auction Reference Price.

Example 1

9:30 a.m. ET: NBBO is crossed. Official Closing Price of 17

BUY VOLUME SELL VOLUME PRICE ORDER DESCRIPTION
1000   $19.00 Limit
  1000 Market Market
1000   $20.00* LOC
1000 $18.00* LOC

The following Auction Imbalance Information will be disseminated:

  • Market Order Imbalance: 1,000
  • Indicative Match Price: $18.00
  • Matched Volume: 2,000
  • Total Imbalance: 0

Result: All orders executed at 18.00.

Example 2

9:30 a.m. ET: First NBBO disseminated is $15.00 - $15.10 and midpoint of Auction NBBO is $15.05

BUY VOLUME PRICE SELL VOLUME ORDER DESCRIPTION
1000 Market   Market
  Market 1000 Market

The following Auction Imbalance Information will be disseminated:

  • Market Order Imbalance: 0
  • Indicative Match Price: $15.05
  • Matched Volume: 1,000 shares
  • Total Imbalance: 0

Result: Orders are crossed at $15.05


Closing Auctions

Similar to NYSE American's Core Open Auction, the Closing Auction is a single-price auction that matches buy and sell orders at the price that maximizes the amount of tradable stock.  The Closing Auction will be conducted at the end of the Core Trading Session.

CLOSING AUCTION TIMELINE (ALL EASTERN TIME)
6:30 AM Initial order collection begins
3:00 PM Initial broadcast of imbalance information
3:59 PM Freeze period begins
4:00 PM Auction run/closing price disseminated

Between 3:59 and 4:00 p.m. ET (the freeze period), Market on Close (MOC) and Limit on Close (LOC) orders cannot be cancelled.  During the freeze, MOC and LOC orders that are on the same side as the published imbalance, would flip the imbalance, or would create a new imbalance, will be rejected (e.g. if there is a buy imbalance, no buy MOC or LOC orders will be accepted).  All other order instructions, including requests to cancel orders participating in continuous trading, will be accepted.  For example, a 500 share sell imbalance exists at 3:59 p.m. ET.  An MOC or LOC to buy 500 shares would be permitted because it achieves equilibrium.  However, an MOC or LOC order to buy 1,000 shares would not be permitted as it would flip the imbalance of 500 shares on the sell side to an imbalance of 500 shares on the buy side.

Determining Closing Auction Price

Until the time the Closing Auction is run, orders entered in the Core Session will continue to trade in the Core Trading Session.  Beginning at 4:00 p.m. ET all orders entered for the Closing Auction in addition to all orders entered into the Core Trading Session will be included in the Closing Auction.

  • Matched orders will be executed in the Closing Auction at the Indicative Match Price as of 4:00 p.m. ET
  • If there are multiple prices at which the total imbalance can equally execute, the Indicative Match Price will be based on the price closest to the Auction Reference Price, including equal to the Auction Reference Price itself when that is one of the prices available.
  • If the matched volume consists only of buy Market Orders and sell Market Orders, the orders will be executed at:
    • the midpoint of the Auction NBBO at 4:00 p.m. ET, or
    • the locked price, if the Auction NBBO is locked at 4:00 p.m. ET, or
    • the last consolidated sale during the regular market hours, if the NBBO is crossed at 4:00 p.m. ET

Example 1

4:00 p.m. ET Auction Reference Price (Consolidated Last Sale Price) 10.04

BUY VOLUME PRICE SELL VOLUME ORDER DESCRIPTION
1,000 Market   MOC
  $10.15 5,000 Limit
4,000 $10.05   LOC
5,000 $10.00   Limit
  Market 5,000 MOC

The following Auction Imbalance Information will be disseminated:

  • Market Order Imbalance: 0
  • Indicative Match Price: $10.05
  • Matched Volume: 5,000 shares
  • Total Imbalance: 0

Result: 5,000 shares MOC to sell; 1,000 shares executed against MOC to buy and 4,000 shares LOC to buy at 10.05

Example 2

4:00 p.m. ET Auction Reference Price (Consolidated Last Sale Price) 49.75

BUY VOLUME PRICE SELL VOLUME ORDER DESCRIPTION
1,000 $50.00 LOC
$49.75 5,000 LOC
Market 2,000 MOC

The following Auction Imbalance Information is disseminated:

  • Market Order Imbalance: 1,000 shares to sell
  • Indicative Match Price: $49.75
  • Matched Volume: 1,000 shares
  • Total Imbalance: 6,000 shares

Result: 1,000 shares LOC to buy executed against 1,000 of 2,000 shares MOC to sell at 49.75

Example 3

4:00 p.m. ET Auction Reference Price (Consolidated Last Sale Price) 41.25

BUY VOLUME PRICE SELL VOLUME ORDER DESCRIPTION
3,000 Market MOC
Market 1,000 MOC
$41.00 1,000 LOC
$41.25 1,000 LOC

The following Auction Imbalance Information will be disseminated:

  • Market Order Imbalance: 0
  • Indicative Match Price: $41.25
  • Matched Volume: 3,000 shares
  • Total Imbalance: 0

Result:  All orders executed at 41.25

Closing Auction Price Collars

The Closing Auction will not execute outside of the same percentage Auction Collars as described above for the Core Open Auction.


Reporting Trades

All trades that participated in the Closing Auction greater than one round lot will be reported to the tape with the *.M* extension— which will include both the Official Closing Price and the volume of shares executed in the Closing Auction.

Routing Policy

NYSE, NYSE American and NYSE Arca (the “Exchanges”) route orders to away markets through either an Exchange affiliated router or one or more third-party routing brokers pursuant to NYSE and NYSE American Rule 17 and NYSE Arca Rule 7.45.

Each third-party routing broker used by the Exchanges has its own policies and procedures with respect to the manner in which it may round or truncate execution prices that extend beyond four decimal places. Some third-party routing brokers may round to the fourth decimal place, while others may truncate to the fourth decimal place, before returning executions to the Exchanges.

With the exception of routing in BRK A, those policies and procedures are established by the third-party routing broker and are not established by or at the request of the Exchanges and are not overseen by the Exchanges. In the case of BRK A, all executions returned in more than two decimal places will be truncated to two decimal places.

NYSE Pillar Trade Ops Portal

For NYSE Equity Markets

A free web-based tool for clients trading via NYSE Pillar gateway.

Learn More

Risk Management Tools

NYSE, NYSE American and NYSE Arca offer tools to supplement a firm's own internal risk management tools. The Risk Management Tools (RMT) is a GUI that allows users to track executed exposure and make real-time adjustments to net exposure limits via a web interface.

Risk Management Tools (RMT) allow firms to:

  • Define net exposure limits by risk group
  • Track net notional exposure by risk group on NYSE/NYSE American or NYSE Arca
  • View net notional exposure by symbol or mnemonic
  • Receive email or web based alerts when nearing or breaching a firm defined limit
  • In a future phase, auto-block and/or auto-cancel orders when firm determined exposure limits are breached

There is no cost for RMT.

Use of RMT is voluntary and designed to supplement a firm's own tools.

Additionally, firms will have the ability to bulk cancel orders via API if needed:

FOR NYSE

FOR NYSE ARCA

FOR NYSE PILLAR


How To Access RMT

An authorized signatory of the firm must submit a User Request Form. To set up RMT email notifications, the firm must submit an Email Notification Authorization Form.

USER REQUEST FORM

EMAIL NOTIFICATION AUTHORIZATION FORM


Additional Information

RMT FAQ

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