NYSE Group operates five equities markets with distinct trading and pricing models all powered by NYSE Pillar, our integrated trading technology platform that is designed to improve efficiency and reduce complexity, while enhancing consistency, performance and resiliency.
NYSE is the only US equities exchange that operates a trading floor and a parity/priority model which rewards price setters and then allocates incoming orders across multiple participants resting at the same price, promoting deep liquidity and superior market quality. You can watch parity in action or read FAQs.
NYSE runs opening and closing auctions in primarily listed symbols.
Like all our markets, NYSE runs on our proprietary integrated trading technology platform, NYSE Pillar. It is designed to improve efficiency and reduce complexity for customers, while enhancing consistency, performance and resiliency.
Designated Market Maker
DMMs have obligations to maintain fair and orderly markets for their assigned securities. They operate both manually and electronically to facilitate price discovery during market opens, closes and during periods of trading imbalances or instability. There is one DMM assigned to each NYSE listed security.
Supplemental Market Maker
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.
Approved NYSE Supplemental Liquidity Providing (SLP-PROP) Firms
Approved NYSE Supplemental Liquidity Providing (SLMM) Firms
Floor Broker
Floor brokers are employees of member firms who execute trades on the exchange floor on behalf of the firm's clients. 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.
Most Market Share and Liquidity
Most Time Quoting at Best Prices
Largest Quoted Size at Best Prices
Narrowest Quoted Spread*
* Calculated using Enhanced Quoted Spread (EQS). EQS methodology is described here.
Source: NYSE Internal Database and Consolidated Tape Statistics, January 1, 2025 to September 30, 2025
Data includes top 10 exchanges in all categories
The NYSE Membership On Ramp program provides significant discounts to fees for NYSE trading licenses, ports, and market data products. Joining the NYSE means capitalizing on market access, technology solutions, industry expertise and data products that drive outperformance every day.
Membership details
New Electronic and NYSE Floor members are eligible* for the following discount schedule:
| On-ramp timeline | Phase 1 | Phase 2 | Phase 3 |
|---|---|---|---|
| Months | 1-6 | 7-12 | 13-18 |
| Membership fee discount | 100% | 50% | 25% |
| Port fee discount | 100% | 50% | 25% |
| Market data discount | 100% | 50% | 25% |
After the above 18-month timeline, full charge will be implemented.
* Eligibility will be determined by several factors including (but not limited to) approval from NYSE, meeting the “new member” definition, and first-time enrollment only. For full details, click here.
The NYSE Retail Liquidity programs offers price improvement for individual investors on retail order flow for securities that trade on the NYSE. Offering price improvement for retail orders within an exchange environment offers individual investors new economic incentives and provides greater transparency, liquidity and competition in the U.S. cash equities marketplace. The program can be utilized by retail firms directly as well as by the brokers that service retail order flow providers.
Drawing on its heritage as the American Stock Exchange, NYSE American is an exchange designed for growing companies, and offers investors greater choice in how they trade.
NYSE American is a competitively priced venue that blends unique features derived from the NYSE, such as electronic Designated Market Makers (e-DMMs) with quoting obligations for each NYSE American-listed company, with NYSE Arca's fully electronic price/time priority execution model.
Market Share and Liquidity
Most Time Quoting At Best Prices
Largest Quoted Size at Best Prices
Narrowest Quoted Spread*
* Calculated using Enhanced Quoted Spread (EQS). EQS methodology is described here.
Source: NYSE Internal Database and Consolidated Tape Statistics, January 1, 2025 to September 30, 2025
Data includes top 10 exchanges in all categories
NYSE Arca is a fully electronic market and the leading U.S. exchange for the listing and trading of exchange-traded products (ETPs) and also trades all NMS securities. NYSE Arca offers transparent, low latency trading with a price time priority model along with opening and closing auctions. NYSE Arca has the greatest market share of traded volume and greatest depth of liquidity across all U.S. ETPs. By offering the most comprehensive trading programs, our market makers are incentivized to provide additional liquidity throughout the day.
Like all our markets, NYSE Arca runs on our proprietary integrated trading technology platform, NYSE Pillar. It is designed to improve efficiency and reduce complexity for customers, while enhancing consistency, performance and resiliency.
Lead Market Maker (LMM)
LMM's have clearly defined quoting obligations that must be met on an ongoing basis. In addition to Market Maker Quoting Obligations, such as maintaining continuous two-sided quotes, LMMs must meet minimum performance requirements across a wide array of statistical metrics for each primarily listed ETP.
Supplemental Participant
Registered Market Makers assigned by the ETP issuer to provide liquidity in addition to the LMM. Market Makers cannot be both a registered LMM and designated as a Supplemental Participant in the same ETP.
Market Share of Exchange Volume for All U.S. ETFs
Most Time at Best Prices for all U.S. ETFs
Most Time & Size at Best Prices for all U.S. ETFs
Narrowest Quoted Spread for all U.S. ETFs*
* Calculated using Enhanced Quoted Spread (EQS). EQS methodology is described here.
Source: NYSE Internal Database and Consolidated Tape Statistics, January 1, 2025 to September 30, 2025
Data includes top 10 exchanges in all categories
NYSE National is a fully electronic market, trading on price/time priority trading all NMS securities. NYSE National offers an inverted pricing model which offers rebates to liquidity taking orders. Like all our markets, NYSE National runs on our proprietary integrated trading technology platform, NYSE Pillar. It is designed to improve efficiency and reduce complexity for customers, while enhancing consistency, performance and resiliency.
The NYSE National Retail Liquidity Program offers midpoint price improvement for individual investors on retail order flow for securities that trade on NYSE National. Offering price improvement for retail orders within an exchange environment offers individual investors new economic incentives and provides greater transparency, liquidity and competition in the U.S. cash equities marketplace. The program can be utilized by retail firms directly as well as by the brokers that service retail order flow providers.
Retail Taker Order
A Retail Taker Order is an agency order that originates from a natural person and is submitted to the Exchange by an Retail Member Organization. The order cannot originate from a trading algorithm or any other computer methodology. The Retail Order interacts with Retail Price Improvement (RPI) orders and other available orders that are priced better than the contra-side PBBO.
Retail Price Improvement (RPI) Orders
Retail Price Improvement (RPI) Orders provide price improvement for Retail Orders in the form of non-displayed interest priced at the midpoint of the PBBO. RPI Orders can be sent by any exchange participant. NYSE sends an indicator to both the NYSE XDP and SIP feeds when RPIs are available, indicating the side of the interest but not the size.
Retail Attested Order
A Retail Attested Order is an agency order that originates from a natural person. The order cannot originate from a trading algorithm or any other computer methodology. The Retail Attested Order can add or remove liquidity and receives enhanced economics. It can interact with any orders on the book but not RPI orders.
NYSE Texas launched in 2025 as a fully electronic equities exchange, based in Dallas. NYSE Texas is a fully electronic market, trading all NMS securities using price/time priority. NYSE Texas offers unique features to support the brokers serving the exchange-traded derivatives community. Like all our markets, NYSE Texas runs on our proprietary integrated trading technology platform, NYSE Pillar. It is designed to improve efficiency and reduce complexity for customers, while enhancing consistency, performance and resiliency.
Institutional Broker (IB)
IB's facilitate option contingent stock trades known as Qualified Contingent Trades. NYSE Texas IBs trade approximately $5 Billion of Option related Equity trades every day.
Become a member of NYSE Texas with a dual listing. Qualified companies can dually list at no additional cost and maintain their primary listing.
| Symbol | Issuer name |
|---|---|
| LBRT | |
| PEW | |
| TCBX | |
| ACA | |
| WBI | |
| TFIN | |
| MAIN | |
| MSIF | |
| NXDT | |
| NREF | |
| NXRT | |
| FET | |
| VST | |
| CNK | |
| QTWO | |
| WTTR | |
| FLOC | |
| GL | |
| NSP | |
| LB | |
| FOA | |
| TPL | |
| HTH | |
| PX | |
| EXP | |
| BH.A | |
| BH | |
| VEL | |
| INVH | |
| AROC | |
| BLDR | |
| AZZ | |
| GRBK | |
| AESI | |
| T | |
| SEI | |
| — | |
| KNTK | |
| TRN | |
| UAMY | |
| FOR | |
| RNGR | |
| DINO | |
| WCN | |
| ICE | |
| DHI | |
| STEL | |
| DAR | |
| USPH | |
| HAL | |
| ORN | |
| TXO | |
| ELA | |
| CRK | |
| DJT |
| Symbol | Issuer name |
|---|---|
| ABBV | ABBVIE INC. |
| ABT | ABBOTT LABORATORIES |
| ACA | ARCOSA, INC. |
| AESI | ATLAS ENERGY SOLUTIONS INC. |
| AIR | AAR CORP |
| ALL | ALLSTATE CORPORATION |
| ATGE | ADTALEM GLOBAL EDUCATION, INC. |
| BAX | BAXTER INTERNATIONAL INC. |
| BC | BRUNSWICK CORPORATION |
| BH.A | BIGLARI HOLDINGS, INC. CLASS A |
| BH | BIGLARI HOLDINGS, INC. CLASS B |
| BUXX | STRIVE ENHANCED INCOME SHORT MATURITY ETF |
| CNA | CNA FINANCIAL CORPORATION |
| CNP | CENTERPOINT ENERGY INC. |
| CRK | COMSTOCK RESOURCES, INC. |
| DAR | DARLING INGREDIENTS INC. |
| DHI | D.R. HORTON, INC. |
| DINO | HF SINCLAIR CORPORATION |
| DJT | TRUMP MEDIA & TECHNOLOGY GROUP, CORP. |
| DRLL | STRIVE U.S. ENERGY ETF |
| ELA | ENVELA CORPORATION |
| EMR | EMERSON ELECTRIC CO. |
| ETR | ENTERGY CORPORATION |
| EXP | EAGLE MATERIALS INC. |
| FET | FORUM ENERGY TECHNOLOGIES, INC. |
| FLOC | FLOWCO HOLDINGS, INC. |
| FOA | FINANCE OF AMERICAS COS. INC. |
| FOR | FORESTAR GROUP INC. |
| FTWO | STRIVE NATURAL RESOURCES AND SECURITY ETF |
| GATX | GATX CORPORATION |
| GL | GLOBE LIFE INC. |
| GRBK | GREEN BRICK PARTNERS, INC. |
| HAL | HALLIBURTON COMPANY |
| HTH | HILLTOP HOLDINGS INC. |
| IBM | INT'L BUS MACHINES CORPORATION |
| ICE | INTERCONTINENTAL EXCHANGE, INC. |
| KNTK | KINETIK HOLDINGS INC. |
| LB | LANDBRIDGE COMPANY LLC |
| LBRT | LIBERTY ENERGY, INC. |
| MMC | MARSH & MCLENNAN COMPANIES INC. |
| MMM | 3M COMPANY |
| NSP | INSPERITY, INC. |
| ORN | ORION GROUP HOLDINGS, INC. |
| PX | P10, INC. |
| PEW | GRABAGUN DIGITAL HOLDINGS INC. |
| QTWO | Q2 HOLDINGS, INC. |
| RNGR | RANGER ENERGY SERVICES, INC. |
| SEI | SOLARIS ENERGY INFRASTRUCTURE |
| SF | STIFEL FINANCIAL CORP |
| SHOC | STRIVE U.S. SEMICONDUCTOR ETF |
| STEL | STELLAR BANCORP, INC. |
| STRV | STRIVE 500 ETF |
| STXD | STRIVE DIVIDEND GROWTH ETF |
| STXE | STRIVE EMERGING MARKETS ETF EX-CHINA |
| STXG | STRIVE 1000 GROWTH ETF |
| STXI | STRIVE INTERANTIONAL DEVELOPMED MARKETS ETF |
| STXK | STRIVE SMALL-CAP ETF |
| STXM | STRIVE MID-CAP ETF |
| STXT | STRIVE TOTAL RETURN BOND ETF |
| STXV | STRIVE 1000 VALUE ETF |
| T | AT&T INC. |
| TPL | TEXAS PACIFIC LAND CORPORATION |
| TRN | TRINITY INDUSTRIES, INC. |
| TXO | TXO PARTNERS, L.P. |
| UAMY | UNITED STATES ANTIMONY CORPORATION |
| USPH | U.S. PHYSICAL THERAPY, INC. |
| VBF | INVESCO BOND FUND |
| VCV | INVESCO CALIFORNIA VALUE MUNI INCOME TRUST |
| VEL | VELOCITY FINANCIAL, INC. |
| VGM | INVESCO TRUST FOR INVEST GRADE MUNI |
| VKI | INVESCO ADVANTAGE MUNI INCOME TRUST II |
| VKQ | INVESCO MUNICIPAL TRUST |
| VLT | INVESCO HIGH INCOME TRUST II |
| VMO | INVESCO MUNI OPPORTUNITY TRUST |
| VPV | INVESCO PENNSYLVANIA VALUE MUNICIPAL INC TR |
| VTN | INVESCO TRUST FOR INVESTMENT GRADE NEW |
| VVR | INVESCO SENIOR INCOME TRUST |
| WBI | WATERBRIDGE INFRASTRUCTURE LLC |
| WCN | WASTE CONNECTIONS, INC. |
| WHR | WHIRLPOOL CORPORATION |
| WTTR | SELECT WATER SOLUTIONS, INC. |
The dashboard and reporting tools include user defined tracking and displays as well as a downloadable audit trail. The TRF is available to all FINRA member organizations that have a signed FINRA/NYSE TRF Subscriber Services Agreement. All trades reported to the FINRA/NYSE TRF® must comply with FINRA trade reporting rules and guidance, the federal securities laws, including SEC Reg. NMS rules and all other applicable rules and regulations.
The dashboard and reporting tools include user defined tracking and alerts as well as a downloadable audit trail.
The FINRA/NYSE TRF offers users the option to have clearing submitted for them to DTCC via QSR or AGU.
The table below provides the consolidated tape market data revenue sharing percentages based on market share reported by a member to the FINRA/NYSE TRF during a given calendar quarter. For purposes of Rule 7610B, a member’s “Market Share” is the percentage calculated by dividing the total number of shares represented by trades reported by a FINRA member to the FINRA/NYSE Trade Reporting Facility during a given calendar quarter by the total number of shares represented by all trades reported to the Consolidated Tape Association or the Nasdaq Securities Information Processor, as applicable, during that quarter. Market Share is calculated separately for each tape.
| Market Share Reported to the FINRA/NYSE TRF in Tape A, B, or C | Percentage of Market Data Revenue Shared in Tape A, B or C |
|---|---|
| Greater than or equal to 2.0% | 100% |
| Greater than or equal to 0.5% but less than 2.0% | 95% |
| Greater than or equal to 0.1% but less than 0.5% | 85% |
| Less than 0.1% | 0% |
Effective December 1, 2025, pending regulatory action, under the FINRA Rule 7600B Series, for each FINRA/NYSE TRF® participant, the monthly fee is based on the FINRA/NYSE TRF® participant's number of tape eligible trade reports reported to the FINRA/NYSE TRF® during a given calendar month (“Tape Eligible Trade Reports”).
The monthly fees paid by FINRA/NYSE TRF® participants include unlimited use of the NYSE TRF Portal, End of Day Journal and Drop Copy as well as full access to the FINRA/NYSE TRF® and supporting functionality, e.g., trade submission, reversals and cancellations.
The FINRA/NYSE TRF® does not charge port fees.
| Tape Eligible Trade Reports | Monthly Participant Fee |
|---|---|
| Greater than or equal to 20 million reports | $50,000 |
| Greater than or equal to 15 million reports but less than 20 million reports | $47,500 |
| Greater than or equal to 10 million reports but less than 15 million reports | $45,000 |
| Greater than or equal to 7.5 million reports but less than 10 million reports | $40,000 |
| Greater than or equal to 5 million reports but less than 7.5 million reports | $35,000 |
| Greater than or equal to 4 million reports but less than 5 million reports | $30,000 |
| Greater than or equal to 3 million reports but less than 4 million reports | $25,000 |
| Greater than or equal to 2 million reports but less than 3 million reports | $20,000 |
| Greater than or equal to 1,500,000 reports but less than 2 million reports | $15,000 |
| Greater than or equal to 1,250,000 reports but less than 1,500,000 reports | $10,000 |
| Greater than or equal to 1 million reports but less than 1,250,000 reports | $7,000 |
| Greater than or equal to 750,000 reports but less than 1 million reports | $5,000 |
| Greater than or equal to 500,000 reports but less than 750,000 reports | $4,000 |
| Greater than or equal to 250,000 reports but less than 500,000 reports | $3,000 |
| Greater than or equal to 100,000 reports but less than 250,000 reports | $2,500 |
| Greater than or equal to 5,000 reports but less than 100,000 reports | $1,500 |
| Greater than or equal to 1 report but less than 5,000 reports | $1,000 |
| No trade reports | $2,000 |