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Trading & Data

Better trading

Trading at the NYSE combines the speed and determinism of our Pillar technology platform, the transparency from instant access to rich data, and the value of human oversight. Together, our NYSE Group exchanges have the most liquidity in the U.S. equity markets, providing substantial advantages in price discovery and market stability.

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Meeting the volatility challenge

The NYSE Research team recently published an article entitled “NYSE DMMs: Meeting the Volatility Challenge” which highlighted our performance when liquidity spiked on January 24, 2022. The data showed that NYSE-listed companies had tighter quoted spreads compared to Nasdaq-listed companies and achieved 2 times better accuracy on the opening auction and 3 times better accuracy on the closing auction1. In this article, the NYSE research team takes a deeper dive into NYSE listed-company performance when volatility is high, with a special focus on the Designated Market Maker (DMM).

NYSE Closing Auction

The New York Stock Exchange closing auction is the single largest liquidity event of the day – trading $18.9 billion per day, on average, and is the primary liquidity event for institutional and retail investors.

Significant liquidity and anonymity at the close help to minimize the market impact costs of large trades. On average, comparing the closing price to the Volume Weighted Average Price (VWAP) of the last two minutes, S&P 500 stocks have a price change of less than 0.053% with an average auction size of $37 million per security.

At the NYSE, the community of floor brokers and Designated Market Makers (DMMs) contribute over 35% of close liquidity, on average and between 3:50pm and 4:00pm, auction information is disseminated every second, providing transparency for market participants.

We have previously studied Closing Auction liquidity, participation and price dislocation, and now focus on the price impact of auction order submission.

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It’s good to have options

Multi-list options are breaking nearly all volume records once again in 2022, driven by market volatility and the growth of retail participation. Market average daily volume in H1 2022 was 38.3M contracts, 1.1M contracts more than 2021, 10.7M contracts more than 2020 and over 20M contracts more than 2019.

Using a hybrid trading platform that combines an electronic system with open-outcry trading floors in San Francisco and New York, the NYSE Options markets offers a flat, open market structure and deep liquidity. Traders benefit from a range of sophisticated risk management tools and the market’s time priority model, which encourages market makers to provide investors with the best possible price. NYSE offers a dual market structure that combines access to Arca and American Options through a single integrated technology platform.

NYSE Pillar is the trading 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.

The NYSE options exchanges will provide the benefits of the NYSE Pillar platform, which offers more efficient processing, enhanced determinism and lower latency, a shorter time to market for ongoing enhancements, and simplified, harmonized order types, terminology and messaging.

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