The New York Stock Exchange (NYSE), also known as the ‘Big Board’, is one of the primary equity markets in the United States. Founded in 1817, it has long been an icon of capitalism. Over the years, NYSE has merged with other exchanges globally and is now a flagship exchange in the NYSEEuronext group.
Currency: US Dollar (USD)
Order Types
Note: not all order types are available for every gateway.
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Inside Limit Buy/Sell→ShortSell (Day)
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Limit Buy/Sell→ShortSell (Day/FOK/IOC)
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Limit-on-Close (LOC) & Limit-on-Open (LOO) Buy/Sell→ShortSell
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Market Buy/Sell/Short Sell→ShortSell (Day/FOK)
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Market-on-Close (MOC) & Market-on-Open (MOO) Buy/Sell→ShortSell
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Pegged Midpoint/Market/Primary Buy/Sell→ShortSell (Day)
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Reserve Limit Buy/Sell→ShortSell (Day)
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Stop Limit Buy/Sell→ShortSell (Day)
Available ATS
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ARCX: NYSE Arca
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ATD: Automated Trading Desk Dark Pool
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BARC: Barclays Capital Dark Pool
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BATS: BATS
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BIDS: BIDS Dark Pool
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BLOC: BLOCK Dark Pool
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BOFA: Bank of America Dark Pool
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BATY: BATS-Y Exchange
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CBSX: CBOE Stock Exchange
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CCG: NYSE Common Customer Gateway
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CSD: Credit Suisse Crossfinder+
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CUTN: Cuttone
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DARK: Consolidated Dark Pool
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DBA: Deutsche Bank Dark Pool
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EDGA: Direct Edge
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EDGX: Direct Edge
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FIDE: Fidelity Dark Pool
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GETC: Getco Dark Pool
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IEX: IEX
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KNGM: Knight Capital Group
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LEVL: LEVEL ATS
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MSCO: Morgan Stanley Dark Book
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NQBX: NASDAQ OMX BX
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NQPX: NASDAQ OMX PSX
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NSDQ: NASDAQ
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NSX: National Stock Exchange
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NTHK: Instinet Nighthawk Dark Pool
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PDQ: PDQ ATS
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ROSN: Rosenblatt Securities
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SGMX: Sigma X Dark Pool
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SPDR: SpeedRoute Dark Pool
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UBS: UBS Dark Pool
Basic Market Rules
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Lot Size: 100 shares.
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Tick Size: varies by price and security.
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Short Sale Rules: naked short sales are prohibited, a locate must be obtained prior to executing a short sell.
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Circuit Breakers: imposed under conditions defined on the Trading Information page.
Auction Mechanisms
Open
The pre-opening session runs from 07:30 – 09:30. During this session, orders can be entered and cancelled but no matching will occur. At the open (09:30), all matching orders are executed at a single opening match price, with the remaining orders left on the continuous limit order book.
The closing price is defined by the following closing auction mechanism.
Close
Auction means an auction conducted in a trading platform with respect to qualifying orders to determine the auction price pursuant to the following process and priority:
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a) If there is no order imbalance, orders will be executed in the Closing Auction at the Indicative Match price as of 16:00. The indicative match price will be the price at which the maximum number of shares in the total imbalance can execute;
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b) If there are multiple prices at which the total imbalance can equally execute, the indicative price will be based on the price closest to the last sale;
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c) If the price closest to the last sale would trade through the ArcaBook, the indicative match price will be the best price available where no trade through occurs.
If an imbalance exists, or if equilibrium exists between buy MOC orders and sell MOC orders and an Indicative Match Price doesn’t exist, as many Buy MOC orders and Sell MOC orders as possible shall be matched on a time-priority basis:
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a) At the midpoint of the NBBO at 16:00, provided the NBBO of the market centers that are still open is not locked or crossed;
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b) At the locked price if the NBBO is locked at 16:00;
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c) At the bid (offer) side of the BBO which is crossed with the NBBO, if the NBBO is crossed at 16:00 and NYSE Arca is a party to the crossed market;
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d) At the last sale during regular market hours as determined by the consolidated tape, if the NBBO is crossed at 16:00 and NYSE Arca is not a party to the crossed market.
Auction Periods
The following periods affect order entry for participation in the auctions. There is continuous trading from 09:30 – 16:00, during which time regular (non-imbalance) orders will be matched.
2:00 PM
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Imbalance information is published to Floor Brokers
3:50 PM
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Cutoff for MOC and LOC order entry, modification, and cancellation (except for legitimate error)
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Imbalance dissemination begins
3:55 PM
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Imbalance dissemination begins, including Closing D Orders at their discretionary price range
3:58 PM
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Cutoff for cancelling a MOC/LOC for legitimate error
3:59:50 PM
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Cutoff for Closing D Order entry, modification, and cancellation
4:00 PM
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Regular trading ends and auction commences
Order Types: Limit-on-Close and Market-On-Close orders are eligible to participate in the Closing Auction.
