Find a full description of all fees and charges on the NYSE Arca platform, including Odd-lot, ETP, Regulatory, and Market Maker fees.
A free web-based tool for clients trading via NYSE Pillar gateway.
NYSE Arca trades all NMS equity securities except BRK A.
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 - 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 Arca calculates and disseminates Auction Imbalance Information via the NYSE Arca Order Imbalance feed and NYSE Arca Integrated feed.
| Auction Time | Auction Imbalance Information Begins | |
|---|---|---|
| Early Open Auction | 4:00 a.m. ET | 3:30 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:
| NYSE Arca Listed Securities | UTP Securities | |
|---|---|---|
| Early Open Auction | Yes | Yes |
| Core Open Auction | Yes | No |
| Closing Auction | Yes | Yes |
| Halt Auction | Yes | No |
*Complete List of Eligible Securities
At 4:00 a.m. ET, Limit Orders designated for the Early Trading Session are matched and executed in the Early Open Auction. NYSE Arca will accept orders for the Early Open Auction beginning at 3:30 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 4:00 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:
Result: No match.
Book at 4:00 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:
Result: All shares paired off and executed at 19.00.
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.
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.
*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.
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 will be based on a price that is the greater of $0.15 or a specified percentage away from the Auction Reference Price.
| AUCTION REFERENCE PRICE | COLLAR PERCENTAGE |
|---|---|
| 25.00 or less | 10% |
| 25.01 to 50.00 | 5% |
| 50.01 and higher | 3% |
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:
Result: All orders executed at 18.00.
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:
Result: Orders are crossed at $15.05
Similar to NYSE Arca'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) | |
|---|---|
| 3:30 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.
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.
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:
Result: 5,000 shares MOC to sell; 1,000 shares executed against MOC to buy and 4,000 share 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:
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:
Result: All orders executed at 41.25
The Closing Auction will not execute outside of specified Auction Collars. The collars for the Closing Auction are based on a price that is the greater of $0.15 or a specific percentage away from the Auction Reference Price, which is the last consolidated sale. If there is no last consolidated sale, the Auction Reference Price is the prior day's Official Closing Price.
| Auction reference price | COLLAR PERCENTAGE |
|---|---|
| 25.00 or Less | 5% |
| 25.01 to 50.00 | 2% |
| 50.01 and higher | 1% |
All trades that participate 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.
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.