Our equities platform offers a range of order types.
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Though all of our markets operate electronically using cutting edge, ultrafast technology, we believe nothing can take the place of human judgment and accountability. It's this human connection that helps ensure our strength, creating orderly opens and closes, lower volatility, deeper liquidity and improved prices. For over 200 years, we've maintained a steadfast commitment to stronger, more orderly financial markets. And we intend to keep that tradition going for the next 200.
The NYSE utilizes the following people on the floor to keep markets orderly:
The cornerstone of the NYSE market model is the Designated Market Maker (DMM). Formerly known as “Specialists”, DMMs have obligations for maintaining fair and orderly markets for their assigned securities. They operate both manually and electronically to facilitate price discovery during market openings, closings and during periods of substantial trading imbalances or instability. This "high touch" approach is crucial for improving prices, dampening volatility, adding liquidity and enhancing value.
DMMs apply keen judgment to knowledge of dynamic trading systems, macroeconomic news and industry specific intelligence, to make their trading decisions. The DMMs are a valuable resource for our listed company community, providing regular communication, making capital commitments, maintaining market integrity, and stepping in during special situations.
Floor brokers are employees of member firms who execute trades on the exchange floor on behalf of the firm's clients. As of 2017, there were 205 floor brokers among the 152 NYSE Member Firms (85 Electronic, 5 DMM, 45 Brokerage) on the NYSE. They act as agents, buying and selling stock for the public (institutions, hedge funds, broker/dealers). Floor brokers are physically present on the trading floor and are active participants during NYSE’s opening and closing auctions, as well as throughout the trading day. They also have the ability to participate electronically, and are able to access all markets and trade multiple asset classes to provide clients with a complete trading picture.
Supplemental Liquidity Providers (SLPs) are electronic, high volume members incented to add liquidity on the NYSE. All of their trading is proprietary. All NYSE 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. Learn more about our Supplemental Liquidity Providers.
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.
The equities and options exchanges have procedures for coordinated cross-market trading halts if a severe market price decline reaches levels that may exhaust market liquidity. These procedures, known as market-wide circuit breakers (“MWCB”), may halt trading temporarily or, under extreme circumstances, close the markets before the normal close of the trading session. MWCBs provide for cross-market trading halts during a severe market decline as measured by a single-day decrease in the S&P 500 Index. A cross-market trading halt can be triggered at three circuit breaker thresholds that measure a decrease against the prior day’s closing price of the S&P 500 Index -- 7% (Level 1), 13% (Level 2), and 20% (Level 3) (See NYSE, NYSE American and NYSE Arca Rule 7.12).
Upon receipt of a MWCB message from the SIPs, NYSE Group exchanges will halt trading all equities and options. Following a Level 1 or Level 2 breach, trading will be halted for 15 minutes and then the listing exchanges (NYSE, NYSE American, and NYSE Arca) will reopen trading in their listed symbols pursuant to their respective rules (NYSE Rule 7.35A, NYSE American Rule 7.35E, NYSE Arca Rule 7.35-E). Trading in securities on an unlisted privileges basis will not resume on NYSE Group exchanges until the primary listing exchanges for those symbols have reopened and LULD Bands have been received.
After a Level 3 breach, trading on NYSE Group exchanges will remain halted for the rest of the trading day. On the next trading day, order entry will commence at the customary times for each exchange. However, NYSE Group exchanges will remain closed for all symbols until 9:30 am ET, at which time NYSE, NYSE American and NYSE Arca will begin their opening auction process. As with Level 1 and 2 breaches, following a Level 3 breach, trading in securities on an unlisted privileges basis will not resume on NYSE Group exchanges until the primary listing exchanges for those symbols have reopened and LULD Bands have been received.
On May 31, 2012, the SEC approved, on a pilot basis, a National Market System Plan, known as the Limit Up/Limit Down ("LULD") Plan, to address extraordinary market volatility.
The Plan is designed to prevent trades in NMS Stocks from occurring outside specified price bands, which are set at a percentage level above and below the average reference price of a security over the preceding five-minute period. The percentage level is determined by a security’s designation as a Tier 1 or Tier 2 security. Tier 1 comprises all securities in the S&P 500, the Russell 1000 and select Exchange Traded Products (ETPs). Tier 2 comprises all other NMS securities, except for rights and warrants, which are specifically excluded from coverage. The Plan applies during regular trading hours of 9:30 am ET - 4:00 pm ET.
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.
The NYSE Crossing Session accommodates the trading of paired-off baskets of at least 15 NYSE-listed securities that are at least $1 million in notional value. Using the NYSE American exchange’s Crossing Session, members can combine orders in all U.S.-listed securities to meet the basket requirement.
Members can now use two paths for Crossing Session submissions: (1) the original web-based electronic platform (EFP), where reports of execution are available shortly after the trade is entered, or (2) the recently added XML web-based path, where reports will be immediately available for review. The NYSE and NYSE American exchanges can be accessed through both the EFP and XML paths noted above.
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 Rule 17, NYSE American Rule 7.45E, and NYSE Arca Rule 7.45-E. 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.
The New York Stock Exchange trading floor has transformed into a 21st century trading environment with improved design, technology and a network better capable of supporting all of a firm's trading applications.
The innovative next-generation trading floor makes it much easier for firms to access all markets from the NYSE while still being able to access the NYSE point of sale where brokers can interest designated market makers directly in the auction.
Brokers represent customer orders more effectively and efficiently, with better access to trading information and market centers. The upgraded environment has a more robust network and additional desktop functionality, which improves a broker's ability to trade in both the physical and electronic components of our market.
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.