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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 and NYSE MKT both utilize the following people on the floor to keep markets orderly:
Designated Market Makers
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.
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NYSE and NYSE MKT DMMs
NYSE DMMs
- Brendan E. Cryan & Co.
- Citadel Securities LLC
- GTS Securities, LLC
- IMC Financial Markets
- J Streicher & Co. LLC
- Virtu Financial Capital Markets LLC
NYSE MKT DMMs
- Brendan E Cryan & Co
- Citadel Securities LLC
- J Streicher & Co. LLC
- Virtu Financial Capital Markets
Floor Brokers
Floor brokers are employees of member firms who execute trades on the exchange floor on behalf of the firm's clients. As of 2012 there were 274 floor brokers among the 169 NYSE Member Firms (97 Electronic, 7 DMM, 65 Brokerage) on the NYSE and NYSE MKT. 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 and NYSE MKT’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
Supplemental Liquidity Providers (SLPs) are electronic, high volume members incented to add liquidity on the NYSE and NYSE MKT. All of their trading is proprietary. All NYSE and NYSE MKT 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.
SUPPLEMENTAL LIQUIDITY PROVIDING (SLP-PROP) FIRMS
- HRT Financial LLC
- Latour Trading, LLC
- Tradebot Systems, Inc.
- Virtu Financial BD LLC
NYSE SUPPLEMENTAL LIQUIDITY PROVIDING (SLMM) FIRMS
- Citadel Securities LLC
- KCG Americas LLC
- Goldman, Sachs & Company
- IMC Chicago LLC
In response to the market breaks in October 1987 and October 1989, the New York Stock Exchange instituted circuit breakers to reduce volatility and promote investor confidence. By implementing a pause in trading, investors are given time to assimilate incoming information and the ability to make informed choices during periods of high market volatility. In 2012, in connection with its approval of the Regulation NMS Plan to Address Extraordinary Market Volatility, commonly referred to as the Limit Up – Limit Down Plan, the SEC approved amendments to Rule 80B (Trading Halts Due to Extraordinary Market Volatility) that revise the halt provisions and circuit-breaker levels. Amended Rule 80B is operative during the pilot period of the Limit Up – Limit Down Plan.
Rule 80B
Effective April 8, 2013, amended Rule 80B will be in effect. Amended Rule 80B replaces:
- the DJIA with the S&P 500 as the benchmark index for measuring a market decline;
- the quarterly calendar recalculation of Rule 80B triggers with daily recalculations; and
- the 10%, 20%, and 30% market decline percentages with 7%, 13%, and 20% market decline percentages.
Amended Rule 80B also modifies:
- the length of the trading halts associated with each market decline level; and
- the times when a trading halt may be triggered.
Specifically, the circuit-breaker halt for a Level 1 (7%) or Level 2 (13%) decline occurring after 9:30 a.m. Eastern and up to and including 3:25 p.m. Eastern, or in the case of an early scheduled close, 12:25 p.m. Eastern, would result in a trading halt in all stocks for 15 minutes. If the market declined by 20%, triggering a Level 3 circuit-breaker, at any time, trading would be halted for the remainder of the day.
A Level 1 or Level 2 halt can only occur once per trading day. For example, if a Level 1 Market Decline was to occur and trading was halted, following the reopening of trading, the NYSE would not halt the market again unless a Level 2 Market Decline was to occur. Likewise, following the reopening of trading after a Level 2 Market Decline, the NYSE would not halt trading again unless a Level 3 Market Decline were to occur, at which point, trading in all stocks would be halted until the primary market opens the next trading day.
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 MKT, or NYSE Arca Submission Forms, and detailed CEE guidelines and policies are available on the Clearly Erroneous Execution landing page.
As of Monday, October 5, 2009 in conjunction with the other U.S. equities markets and pursuant to the NYSE Rule 128–NYSE changed the procedure to request a review of clearly erroneous trades.
For NYSE and NYSE MKT equity trading license holders, the Exchange currently offers a two sided crossing session for program trades through its Electronic Filing Platform (EFP).
| TIME OF OPERATIONS | FUNCTIONALITY | |
|---|---|---|
| Crossing Session | 4:00 - 6:30pm | 4:00 - 6:30pm |
Crossing Session (Program Trades)
Accommodates the trading of program baskets of at least 15 NYSE securities regardless of value. Members that have either facilitated a basket trade or have paired two customers' baskets can submit aggregate information to the Exchange for immediate execution.
Reports of execution are available via the web-based electronic platform (EFP) shortly after the trade is entered. At 6:30 p.m., the NYSE prints the aggregate information of all baskets executed in this session to the consolidated tape. On the third day following the trade date (T+3), individual component stocks that were executed as part of a basket trade are printed in aggregate form in the NYSE Daily Sales Report.
NYSE, NYSE MKT 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 and NYSE MKT Rule 17 and NYSE Arca Rule 7.45. 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 is being 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 can now represent customers more effectively and efficiently, with better access to trading information and market centers. The new 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. Traders on the floor and "upstairs" off-exchange desks can now operate together.
NYSE/NYSE MKT 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 MKT 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:
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.