Order Types

NYSE Arca offers a range of order types.

Order Types

Executed Order Type Usage

Trading Fees

Find a full description of all fees and charges on the NYSE Arca platform, including Odd-lot, ETP, Regulatory, and Market Maker fees.

NYSE Trading Fees

NYSE Pillar Trade Ops Portal

For NYSE Equity Markets

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

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Eligible Securities

NYSE Arca trades all NYSE, NYSE Arca, NYSE American, US and OTC listed stocks.

Complete List of Securities Traded on NYSE Arca

Clearly Erroneous Execution

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.

Fill out CEE form online

In the event that the website is not accessible, customers may submit a request via the form below.

NYSE Arca CEE Submission Form

Auctions

Overview

NYSE Arca conducts three single-price auctions each trading day - Early Open, Core 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:

  • 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

NYSE Arca Auction-Eligible Securities*

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


Early Open Auctions

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:

  • 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 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:

  • 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 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:

  • 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 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. Orders in Auction-Eligible Securities that include a designation for the Core Trading Session and that are eligible to participate in an auction will be eligible to participate in the Closing Auction.

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.

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 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:

  • 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 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%


Reporting Trades

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.

Risk Management Tools

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:

  • 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/NYSE American

For NYSE Arca

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