In 2019, NYSE Group successfully completed migrating its five equity exchanges to the NYSE Pillar technology platform. This migration improved efficiency and reduced complexity for exchange stakeholders by introducing a single specification across all equity exchanges. To reflect the functional alignment across exchanges, we have updated and expanded our monthly order type usage report.
The new NYSE Group Order Type Usage Report consolidates usage across all equity exchanges into a single file:
|MPL (Midpoint) ALO||0.0%||0.0%||0.0%||0.0%||0.0%|
The above table shows the increase of midpoint on NYSE National. The full report can be downloaded at NYSE National Order Type Usage Report. Additionally, for further reading on the benefits of midpoint growth, see our earlier post on NYSE National Quote Stability.
Multi-list options broke nearly all volume records in 2021, driven by the growth of retail participation: daily records (24 of the top 25 volume days of all-time came in 2021), monthly ADV records (April was the only month from 2021 not in the top 12 all-time), and yearly ADV records (37.3M ADV in 2021 was nearly 10M more than in 2020 and double the ADV in 2019).
Increased retail activity in the equities market has affected which stocks are trading the most, and when and where those stocks trade. We’ve previously highlighted retail’s impact on pre- and post-market volume and the opening auction, and now focus on the period immediately after the opening auction. Market participants often avoid this time of day due to higher volatility, an approach worth re-evaluating given current trends.
As the home of ETFs, the NYSE continuously works to strengthen market quality and provide the optimal trading environment for listing and trading ETFs. In April 2021, in service of this goal, the NYSE introduced new requirements and incentives for its industry-leading NYSE ETF Liquidity Program, including the assignment of additional market makers ("Less Active ETF Leads") for new and/or low-volume ETFs.