Introducing the new NYSE Group Order Type Usage Report

February 24, 2020

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:

  • The first tab shows the most recent month’s activity for each of the five exchanges. All values represent that order type’s percentage of total matched volume on a specific exchange.
  • The subsequent tabs show order type usage history for each exchange. The historical information begins with September 2019—the first full month of NYSE trading on Pillar—except for NYSE Chicago, which migrated to Pillar in November 2019. Going forward, the history will include a six-month rolling period.
  • This new Order Type Usage report can be used to track changes in behavior as exchange participants modify their use of a given exchange.
    • For example, NYSE National’s market share growth has created interest in midpoint activity.
    • To encourage midpoint growth, NYSE National introduced new midpoint pricing in December 2019.
    • This new pricing increased midpoint order flow to 1.8-1.9% of total executed shares, from 0.5%.
  Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
 Non-Displayed Limits 2.3% 2.3% 2.7% 3.6% 3.5%
       Limit Non-Displayed 1.9% 1.9% 2.1% 1.7% 1.7%
       MPL (Midpoint) ALO 0.0% 0.0% 0.0% 0.0% 0.0%
       MPL (Midpoint) 0.5% 0.4% 0.5% 1.9% 1.8%

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.

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