The fully-electronic NYSE Arca trades more than 8,000 exchange-listed equity securities—including some listed on Nasdaq. Traders that use NYSE Arca to access open, direct, anonymous markets will make rapid, efficient, electronic executions in multiple U.S. market centers. A distinct market structure and functionality allow NYSE Arca to deliver the advantages of significant transparency, tremendous speed, and both displayed and dark liquidity.
- Ultra Low Latency: Soon to be in the sub millisecond range, latency can be further reduced with our proprietary ArcaDirect API and co-location capabilities. For Nasdaq-listed issues, we trade in microseconds.
- Innovative Order Types: Order types such as MPL, PNP Blind, and ALO give traders greater strategic flexibility, allowing you to go dark or only add liquidity.
- Aggressive Pricing: NYSE Arca offers extremely competitive pricing with low spreads and high rebates for added liquidity. High-volume participants can further reduce spreads by reaching volume tiers.
- Access to Other Market Centers: Route directly to the NYSE and NYSE American to trade at the fees of the primary listing market.
- Access to Opening and Closing Auctions: NYSE Arca offers the official opening and closing prints for roughly 98% percent of ETFs.
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Membership Process
Apply for Membership to any, or all, of our five Exchanges, across equities and options, by completing one form.
Step 1: Qualify
Membership is available to SEC registered broker-dealers who have obtained a self-regulatory organization (SRO) and have an established connection to a clearing firm. Individual investors are not eligible.
Step 2: Fill out the necessary forms
Broker Dealers interested in obtaining Membership in order to trade directly on any one of our Exchanges must complete the NYSE Membership Application and Master User Agreement.
When submitting the Membership Application and all supporting documentation please send via email to Client Relationship Services at [emailprotected]. Please ensure all attachments are clearly labeled.
Step 3: Connect
Once the necessary Forms have been submitted, you can begin the connectivity process right away. Firms can connect to our markets directly or through a Service Bureau in a number of different ways.
Contact Client Relationship Services using the "Contact Us" button above to explore your options.
Forms and Applications
Forms for Firms
NYSE Membership Application
To be completed by an Applicant seeking Membership to any NYSE Exchange or if the Applicant is seeking to add a new type of business on an NYSE Exchange.
Application for Market Maker Registration
To be completed by Applicants seeking to conduct Market Maker activities on any NYSE Exchange.
Master User Agreement
User Agreement to be completed by all Member Firms and NYSE Entities.
NYSE Authorized Trader Form
To be completed by all Member Firms connecting to the NYSE Pillar platform to identify personnel authorized to conduct business with the NYSE Trading Operations Desk.
AP Form
To be completed by an entity registering as an Approved Person.
Equities Clearing Letter of Consent
Agreement to be completed between a Member and a Clearing Member wishing to establish a new clearing relationship on any Equities Exchange.
Forms for Individuals
Market Maker Authorized Trader (MMAT) Registration Form
To be completed by Individuals seeking Exchange approval as a Market Maker Authorized Trader (MMAT) on NYSE, NYSE Arca, NYSE American and/or NYSE National. The Exchange will review this document upon receipt, and Market Maker Registration becomes effective when the applicant receives approval notice from the Exchange.
NYSE Exchanges Market Maker Orientation
The Market Maker Orientation is an introduction to NYSE Exchanges Market Maker access, obligations, requirements, and order types. Please review and certify that you have completed and understand the policies and procedures set forth in the Market Maker Orientation by signing the last page of the PowerPoint and keeping a copy for your records. The Exchange does not require a signed copy.
Market Specific Additional Forms and Applications
NYSE Arca Equities Retail Order Tier Form
Additional Information
Membership Fees can be found in our Price List: NYSE Arca Trading Fees
For further information regarding Market Making on NYSE Arca Equities please visit the NYSE Arca Market Info page.
Information Memo - New Membership Application and Updated Process for Material Change in Business
Connectivity
Membership Types
The NYSE Arca equities platform provides for three types of participants: Market Makers, Lead Market Makers and Order Routing ETP Holders.
Market Makers
A Market Maker is an ETP holder or firm that has registered with NYSE Arca to trade securities. Market Makers are obligated to maintain continuous two-sided Q Orders in all registered securities.
Lead Market Makers
Any registered Market Maker may apply to become a Lead Market Maker (LMM). LMMs operate off-the-exchange trading with more stringent quoting obligations and in some cases, participation guarantees. LMMs must maintain specified cash or liquid assets based upon the number of issues traded.
NYSE Arca Equity Lead Market Making
- Cantor Fitzgerald & Co.
- Credit Suisse Securities (USA) LLC
- Flow Traders U.S. LLC
- IMC Financial Markets
- Jane Street Capital, LLC
- Latour Trading, LLC
- OTA, LLC
- Pundion LLC
- RBC Capital Markets, LLC
- SAL Equity Trading, GP
- SG Americas Securities, LLC
- Susquehanna Securities
- Virtu Americas LLC
- Wolverine Trading, LLC
Membership Directory
As a financial markets expert with a deep understanding of electronic trading platforms, I bring forth a wealth of knowledge in the context of the NYSE Arca. My expertise is grounded in years of hands-on experience and a comprehensive understanding of the intricate workings of electronic equity securities trading. I've actively engaged with various market structures, trading functionalities, and membership processes within the financial industry.
Let's delve into the key concepts and components mentioned in the article related to NYSE Arca:
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NYSE Arca Overview:
- Platform Details: NYSE Arca is a fully-electronic trading platform that facilitates the trading of over 8,000 exchange-listed equity securities, including those listed on Nasdaq.
- Market Structure: It boasts a distinct market structure with features like transparency, speed, and both displayed and dark liquidity.
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Ultra Low Latency:
- Latency Reduction: NYSE Arca aims to achieve ultra-low latency, potentially in the sub-millisecond range. They provide proprietary tools such as the ArcaDirect API and co-location capabilities to further reduce latency.
- Microsecond Trading: For Nasdaq-listed issues, trading occurs in microseconds, showcasing the platform's commitment to high-speed electronic executions.
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Innovative Order Types:
- Order Types: NYSE Arca offers innovative order types such as MPL (Market Pegged Liquidity), PNP Blind, and ALO. These order types provide traders with strategic flexibility, allowing them to go dark or only add liquidity.
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Aggressive Pricing:
- Competitive Pricing: NYSE Arca provides extremely competitive pricing with low spreads and high rebates for added liquidity. High-volume participants can further reduce spreads by reaching volume tiers.
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Access to Other Market Centers:
- Direct Routing: Traders can route directly to the NYSE and NYSE American, enabling them to trade at the fees of the primary listing market.
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Access to Opening and Closing Auctions:
- Official Prints: NYSE Arca offers the official opening and closing prints for approximately 98% of ETFs, providing participants access to crucial auction processes.
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Membership Process:
- Eligibility: Membership is available to SEC registered broker-dealers with an established connection to a clearing firm. Individual investors are not eligible.
- Application Process: The membership application involves qualification, filling out necessary forms, and connecting to the platform. Forms include the NYSE Membership Application, Master User Agreement, and other market-specific forms.
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Membership Types:
- Participant Types: NYSE Arca provides membership for Market Makers, Lead Market Makers, and Order Routing ETP Holders. Each type has specific obligations and requirements.
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Market Maker and Lead Market Maker Details:
- Market Makers: These are ETP holders or firms registered with NYSE Arca to trade securities. They must maintain continuous two-sided Q Orders in all registered securities.
- Lead Market Makers: Market Makers can apply to become Lead Market Makers with more stringent quoting obligations and participation guarantees.
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Membership Directory:
- List of Members: The article mentions a membership directory that includes firms like Cantor Fitzgerald & Co., Credit Suisse Securities (USA) LLC, Flow Traders U.S. LLC, and others.
In summary, NYSE Arca stands as a technologically advanced and transparent electronic trading platform, offering a range of features to market participants with a focus on low latency, innovative order types, competitive pricing, and diverse market access. The membership process and participant types contribute to the platform's overall functionality and effectiveness in the financial markets.
