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.
Connect to Opportunity
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 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
Both markets are part of a dual market structure that is powered by the NYSE Pillar technology platform. This integrated system allows member firms to access all NYSE equities and options markets through a single, standardized connection. NYSE Pillar delivers high-performance trading with enhanced speed, reliability, and functionality, along with advanced risk management tools designed to meet the evolving needs of today’s traders.
NYSE Pillar is our new integrated trading technology platform that will enable member firms to connect to all NYSE equities and options markets using a standard protocol. NYSE Pillar is designed to improve efficiency and reduce complexity for customers, while enhancing consistency, performance and resiliency.
NYSE Arca Options successfully completed its migration to NYSE Pillar in July 2022. NYSE American Options will migrate to NYSE Pillar starting on October 23, 2023.
NYSE has a dual options market structure that offers option traders choice and flexibility, all through a single technology platform. The NYSE American Options pro-rata, customer priority model encourages deep liquidity while the NYSE Arca Options price-time priority model provides enhanced throughput and encourages market makers to provide investors with the best possible price. Both markets provide a powerful mix of electronic trading and open outcry interaction to meet all of your options trading needs.
Equity Options
Equity options, which are the most common type of equity derivative, give an investor the right but not the obligation to buy or sell a call or put at a set strike price prior to the contract’s expiry date.
Index Options
Index options make it possible for investors to seek either profit or protection from price movements in a market as a whole or in broad segments of a particular market.
ETP Options
Options on ETFs allow investors to gain exposure to the performance of an index, hedge against a decline in assets, enhance portfolio returns, and/or profit from the rise or fall of a leveraged ETF.
FLEX and LEAPS
FLEX and LEAPS options offer investors increased flexibility in terms of contract customization (such as expiration date, exercise style, and exercise price) and time frame (with expirations of up to three years out).
Equity Options
Equity options, which are the most common type of equity derivative, give an investor the right but not the obligation to buy or sell a call or put at a set strike price prior to the contract’s expiry date.
Index Options
Index options make it possible for investors to seek either profit or protection from price movements in a market as a whole or in broad segments of a particular market.
ETP Options
Options on ETFs allow investors to gain exposure to the performance of an index, hedge against a decline in assets, enhance portfolio returns, and/or profit from the rise or fall of a leveraged ETF.
FLEX and LEAPS
FLEX and LEAPS options offer investors increased flexibility in terms of contract customization (such as expiration date, exercise style, and exercise price) and time frame (with expirations of up to three years out).
Related Information
Pre- and Post-Trade Risk Controls
See the risk controls employed in the NYSE American Options and NYSE Arca Options markets.
CUBE
CUBE offers electronic price improvement auctions for paired orders of any size matched through NYSE American.
Buttonwood Room for Options Markets
The redesigned Buttonwood Room was specifically constructed to meet the needs of options traders.