Find a full description of all fees and charges on the NYSE Arca platform, including Odd-lot, ETP, Regulatory, and Market Maker fees.
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NYSE Arca trades all NYSE, NYSE Arca, NYSE American, US and OTC listed stocks.
On September 10, 2010, the SEC approved rules that expanded the stock-by-stock circuit breakers and clarified the process for breaking erroneous trades. These changes were incorporated into the NYSE Arca Equities Rule 7.10. These changes were also adopted by the other exchanges in the national market system.
CLEARLY ERRONEOUS EXECUTION (CEE) RULE AND PROCEDURE CHANGES
A transaction is defined as “clearly erroneous” when there is an obvious error in any term, such as price, number of shares or other unit of trading, or identification of the security. CEE Requests for Review are processed using a web-based submission service, which was designed to expedite and simplify the review process.
In the event that the website is not accessible, customers may submit a request via the form below.
NYSE Arca conducts three single-price auctions each trading day:
The opening and closing auctions allow ETP holders to participate in real-time price discovery.
As part of the auction process, NYSE Arca calculates and continually disseminates three pieces of information:
At 4:00 a.m. ET, Limit Orders designated for the Opening Session are matched and executed in the Opening Auction. NYSE Arca will accept orders for the Opening Auction beginning at 3:30 a.m. ET, and will continue accepting orders until the Opening Auction is conducted. Only limit orders that are eligible for the Opening Session will participate in the Opening Auction. Orders that participate in the Opening Auction cannot be canceled between 3:59 a.m. ET and the conclusion of the Opening Auction.
The Opening 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 Opening Auction occurs at the price closest to the previous closing price. NYSE Arca uses the maximum size of both sides and displays the worst price at the larger aggregate size. Unexecuted orders become eligible for the Opening Session immediately upon conclusion of the Opening Auction.
Examples
1. Book at 4:00 ET: Last Sale 18.50
| Entry Time | Buy Limit Orders | Sell Limit Orders | Order Price | Matchable Volume | Imbalance | Indicative Match Price |
|---|---|---|---|---|---|---|
| 3:44 | 3,000 | $18.00 | 0 | 3000 | $18.00 | |
| 3:45 | 2000 | $20.00 | 0 | 3000 | $18.00 | |
| 3:56 | 5000 | $19.99 | 0 | 5000 | -$19.99 |
Result: no match. The buy order (3000 @ 18.00) and sell orders (5000 @ 19.99, 2000 @ 20.00) do not overlap.
2. Book at 4:00 ET: Last Sale 18.50
| Entry Time | Buy Limit Orders | Sell Limit Orders | Order Price | Matchable Volume | Imbalance | Indicative Match Price |
|---|---|---|---|---|---|---|
| 3:31 | 1000 | $19.00 | 0 | 1000 | $19.00 | |
| 3:38 | 1000 | $18.00 | 1000 | 0 | $18.50 | |
| 3:53 | 1000 | $20.00 | 1000 | 1000 | $19.00 | |
| 3:56 | 1000 | $19.00 | 2000 | 0 | $19.00 |
Core Open Auction
The Core Open Auction serves as a bridge between the Opening 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 Opening Session only will be cancelled back prior to the start of the Core Open Auction.
Core Trading Session eligible limit orders, market orders and auction-only limit orders will participate in the Core Open Auction. Orders that participate in the Core Open Auction cannot be canceled between 9:29 a.m. ET and the conclusion of the Core Open Auction. This restriction does not apply to Opening Session-eligible limit orders, because these orders will participate in continuous trading on NYSE Arca between 9:29 a.m. and 9:30 a.m. ET. Core Trading Session-only limit orders, however, cannot be cancelled between 9:29 a.m. and 9:30 a.m.
Market orders that would participate on the same side as a market order imbalance cannot be entered into the Core Open Auction between 9:29.55 a.m. ET and the conclusion of the auction. MOO and LOO orders may not be entered between 9:29:55 and the conclusion of the auction regardless of whether they would offset an imbalance or not. 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 — so NYSE Arca will not accept market orders to sell between 9:29.55 a.m. ET and the conclusion of the Core Open Auction. As with the Opening Auction, NYSE Arca will calculate and continually disseminate the indicative match price, the indicative match volume and the auction imbalance. 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.
The match price is the price that maximizes the volume that can be executed within the Auction Collars. The Core Open Auction will use the match price closest to the closing price of the previous trading day (based on normal market hours) if more than one indicative match price is valid. Imbalances and indicative match prices in the Core Open Auction reflect market orders only. In the following examples, the limit orders are "auction only" limit orders.
Core Open Auction Collars
The Core Open Auction will not execute outside of specified price collars. These collars will be based off midpoint of the Auction NBBO or, if the Auction NBBO is locked, the locked price. If there is no Auction NBBO, the prior trading 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 will be determined by NYSE Arca upon prior notice to ETP Holders.
| Last Consolidated Price | Collar Percentage |
|---|---|
| 0.01 to 25.00 | 10% |
| 25.01 to 50.00 | 5% |
| 50.01 and higher | 3% |
NYSE Arca may change these thresholds periodically upon prior notice to ETP Holders.
Examples
1. 9:30 a.m. ET: Previous close of 17
| Entry Time | Buy Limit Orders | Sell Limit Orders | Order Price | Matchable Volume | Imbalance | Indicative Match Price |
|---|---|---|---|---|---|---|
| 8:30 | 1000 | $19.00 | 0 | 0 | - | |
| 9:00 | 1000 | Market | 1000 | 0 | $19.00 | |
| 9:05 | 1000 | $20.00* | 1000 | 0 | $20.00 | |
| 9:25 | 1000 | $18.00* | 2000 | 0 | $18.00 |
*Limit orders designated as auction only orders.
Result: all orders executed at 18.00.
2. 9:30 a.m. ET: First NBBO disseminated is $15.00 - $15.10
| Entry Time | Buy Limit Orders | Sell Limit Orders | Order Price | Matchable Volume | Imbalance | Indicative Match Price |
|---|---|---|---|---|---|---|
| 8:31 | 1000 | Market | 0 | 0 | - | |
| 8:38 | 1000 | Market | 1000 | 0 | $15.05 |
Result: Orders are crossed at $15.05
Closing Auctions
Similar to NYSE Arca’s current Opening Auction, the Closing Auction is a single-price Dutch auction that matches buy and sell orders at the price that maximizes the amount of tradable stock. NYSE Arca will calculate and continually disseminate the indicative closing price, indicative closing volume and the auction imbalance prior to the start of the Closing Auction, which occurs every trading day at 4:00 p.m. ET.
| Closing Auction Timeline (all Eastern Time) | |
|---|---|
| 9:30 AM | Initial order collection |
| 3:00 PM | Initial broadcast of imbalance information |
| 3:59 PM | Freeze period begins |
| 4:00 PM | Auction run/closing price disseminated |
The NYSE Arca trading platform will only accept Market On Close (MOC) and Limit on Close (LOC) orders for NYSE Arca listed securities and a select group of Nasdaq listed ETPs.
The non-displayed portions of discretionary orders will not participate in the NYSE Arca Closing Auction. Between 3:59 and 4:00 p.m. ET (the freeze period), MOC and LOC orders cannot be cancelled. MOC and LOC orders that do not increase or flip the imbalance will be accepted for Auction processing (e.g. if there is a buy imbalance, no buy MOC or LOC orders will be accepted) during the freeze. Orders participating in Core Trading can be cancelled during the freeze period. Additionally, Market Orders entered during Core Trading that are not identified as MOC orders will not be included in auction calculations or participate in the Closing Auction.
Freeze Example
Any imbalance in the Closing Auction may be reduced by new orders, entered on the side of the market opposite the imbalance, using the following priority order:
Publishing Order Imbalances
Beginning at 3:00 p.m. ET and then updated real-time, the Indicative Match Price, the volume to trade at that point, and any order imbalances associated with the Closing Auction, if any, will be published by NYSE Arca in the ArcaBook data feed. The following information will be published:
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 Session. At 4:00 p.m. ET all orders entered for the Closing Auction in addition to all displayed orders in the ArcaBook will be included in the Closing Auction.
If an imbalance exists, or if equilibrium exists between buy MOC orders and sell MOC orders and an Indicative Match Price doesn’t exist, as many buy MOC orders and sell MOC orders as possible shall be matched on a time-priority basis:
Example 1
| Buy Volume | Price | Sell Volume | Order Description |
|---|---|---|---|
| 1,000 | Market | MOC | |
| $10.15 | 5,000 | Continuous Trading | |
| 4,000 | $10.05 | LOC | |
| 5,000 | $10.00 | Continuous Trading | |
| Market | 5,000 | MOC |
The following information will be disseminated via the ArcaBook data feed:
In this example, the 4,000-share LOC order has priced the auction at $10.05 (placing the order ahead of the bid in NYSE Arca's continuous trading system) by providing the most competitive price for the 4,000-share sell imbalance.
Example 2
Buy Volume |
Price |
Sell Volume |
Order Description |
|---|---|---|---|
1,000 |
$50.00 |
|
LOC |
|
$49.75 |
5,000 |
LOC |
|
Market |
2,000 |
MOC |
The following information will be disseminated via the ArcaBook data feed and displayed on NYSE Arca’s Auction web page:
In this example, the 5,000-share LOC to sell has priced the auction at $49.75 though it would not participate in the auction if it were run with only these three orders.
Example 3
| 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 Consolidated Tape last sale was $41.25. The following information will be disseminated via the ArcaBook data feed and displayed on NYSE Arca's auction web page:
Since there are multiple prices at which the total imbalance can be equally executed in this example, the last sale is used to determine the auction price.
Closing Auction Price Collars
The Closing Auction will not execute outside of specific collars based off of the last consolidated sale.
| Last Consolidated Price* | Collar Percentage |
|---|---|
| 0.01 to 25.00 | 5% |
| 25.01 to 50.00 | 2% |
| 50.01 and higher | 1% |
*If there is no Last Consolidated Price prior to an Auction, the collar percentage will be calculated based on the previous close.
NYSE Arca may change these thresholds periodically upon prior notice to ETP Holders.
Reporting Trades
All trades that participated in the closing auction 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.
NYSE/NYSE American and NYSE Arca are introducing new 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:
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:
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.