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TheStreet Open House

NYSE Arca And NYSE MKT Announce Trading And Liquidity Enhancements For ETPs

Each ETP will be assigned to a specific DMM, the cornerstone of the New York Stock Exchange’s and NYSE MKT’s unique market model, creating a valuable new pool of liquidity that offers issuers a balanced combination of high-tech order execution and high-touch price discovery.

NYSE Arca Crowd Participant Program

The NYSE Arca Crowd Participant Program (CPP) is a voluntary one-year pilot program that offers issuers a distinct alternative to the existing Lead Market Maker and ETP Incentive programs, all of which are intended to help to support existing issues and develop new products coming to market.

In the CPP, multiple Market Makers compete with each other to have the greatest aggregate displayed size at the National Best Bid and Offer, a key market quality metric. The program is designed to enhance market quality by tightening spreads and increasing market depth.

All ETFs and Exchange Traded Vehicles that trade under 1 million shares on a consolidated average daily volume basis are eligible to participate in the pilot. The pilot is expected to commence in June 2014.

NYSE Arca’s Retail Liquidity Program

NYSE Arca’s RLP promotes price improvement for individual investors’ retail order flow for all Tape B and C listed securities traded on NYSE Arca, complementing the existing RLP offerings on NYSE and NYSE MKT, which continue to attract retail volume.

The program requires liquidity providers to improve the best protected bid or the best protected offer by a minimum increment, benefitting the retail investor’s execution price. The program is designed to ensure individual investors have access to greater transparency, liquidity and choice.

The NYSE Arca RLP may be used by retail firms directly as well as by the brokers who service retail order flow providers.

For more information about the RLPs, click here.

About NYSE Euronext

NYSE Euronext is a wholly-owned subsidiary of IntercontinentalExchange Group (NYSE: ICE), operator of the leading global network of exchanges and clearing houses. NYSE Euronext operates multi-asset exchanges, and a range of related data products and technology services. The company’s equity exchanges - the New York Stock Exchange, NYSE MKT and NYSE Arca - trade more U.S. equity volume than any other exchange group. NYSE is the global leader in capital raising for listed companies, including the majority of technology IPOs globally in 2013. The company’s equity options markets, NYSE Arca Options and NYSE Amex Options offer complementary market models. NYSE Euronext also provides comprehensive global connectivity services and a range of market data products to support efficient, transparent markets.

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