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NYSE Floor Trader

NYSE Options Markets

The NYSE operates two options markets: NYSE American Options and NYSE Arca Options. NYSE options markets have been in business for over 45 years, continuously evolving to meet client needs. NYSE American Options and NYSE Arca Options markets offer differing pricing and allocation models, and each operates active trading floors which connect technology and human judgement.

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NYSE Options Markets Update

Meagan Dugan, Head of Options, NYSE
  • NYSE Options is excited about 2024 as both Arca Options and Amex Options are now operating on our low-latency technology stack: Pillar
  • Find out about the new products that are driving significant options volume growth, including short-dated options, FLEX options, and defined outcome ETFs
  • Guess the two highest NYSE Options volume months ever... Hint: They were both this year!
NYSE Trading Floor

NYSE American Options

  • Pro-rata allocation encourages deep, liquid markets
  • Customer orders have priority and pay no fees
  • Specialist and/or e-Specialist in most classes
  • Allocation entitlement for Directed Market Makers and Specialist pool
  • Functionality offered includes Price Improvement Auction (CUBE), Step-Up Mechanism (BOLD) and Complex Order Book (Multi-leg), Complex Order Auction (COA), Repricing Orders and Quotes
  • Active trading floor in New York
NYSE Trading Floor

NYSE Arca Options

  • Price-time priority encourages tight markets
  • Make-take pricing incents aggressive quoting and non-marketable retail orders
  • Allocation entitlement for LMMs
  • Functionality offered includes Complex Order Book (Multi-leg), Complex Order Auction (COA), Repricing Orders and Quotes
  • Active trading floor in San Francisco

Options Market Year in Review

Flood of Liquidity and Strong Market Quality Multi-list options broke nearly all volume records in 2021, driven by the growth of retail participation: daily records (24 of the top 25 volume days of all-time came in 2021), monthly ADV records (April was the only month from 2021 not in the top 12 all-time), and yearly ADV records (37.3M ADV in 2021 was nearly 10M more than in 2020 and double the ADV in 2019). Electronic trading products, the preferred method for retail trading, grew as a proportion of industry volume since Q1 2020, and the average trade size remained lower than in Q1 2020. This increased market participation contributed to a net improvement in market quality relative to pre-pandemic trading conditions.

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Both markets are part of a dual market structure that combines access through a single integrated technology platform. Soon, both options markets will be migrating to the NYSE Pillar technology platform which will enable member firms to connect to all NYSE equities and options markets using a standard protocol. The migration to NYSE Pillar will deliver superior speed, resiliency, functionality, while traders will benefit from a range of sophisticated risk management tools.

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Contact a member of our team