On September 10, 2010, the SEC approved rules that expanded the stock-by-stock circuit breakers and clarified the process for breaking erroneous trades. These changes were incorporated into the NYSE Arca Equities Rule 7.10. These changes were also adopted by the other exchanges in the national market system.

Clearly Erroneous Execution (CEE) Rule and Procedure Changes

A transaction is defined as “clearly erroneous” when there is an obvious error in any term, such as price, number of shares or other unit of trading, or identification of the security. CEE Requests for Review are processed using a web-based submission service, which was designed to expedite and simplify the review process.

Fill out CEE form online

In the event that the website is not accessible, customers may submit a request via the form below.

NYSE Arca CEE Submission Form

NYSE Arca ETP holders are required to submit via email any changes to their list of personnel authorized to conduct business over the phone with the NYSE Trading Operations Desk. Services affected include oral requests for:

Fill out ATS form online

In the event that the website is not accessible, customers may submit an email request using the form below.

Authorized Trader Submission Form

Overview

NYSE Arca conducts three single-price auctions each trading day - Early Open, Core Open and Closing Auction. The opening and closing auctions allow ETP holders to participate in real-time price discovery. As part of the auction process, NYSE Arca calculates and disseminates Auction Imbalance Information via the NYSE Arca Order Imbalance feed and NYSE Arca Integrated feed.

Open Timeline

Auction Imbalance Information comprises, in part, the following pieces of information:

NYSE Arca Auction-Eligible Securities*

*Complete List of Eligible Securities

Early Open Auctions

At 4:00 a.m. ET, Limit Orders designated for the Early Trading Session are matched and executed in the

Early Open Auction. NYSE Arca will accept orders for the Early Open Auction beginning at 3:30 a.m. ET, and will continue accepting orders until the Early Open Auction is conducted. Only Limit Orders that are eligible for the Early Trading Session will participate in the Early Open Auction.

The Early Open Auction will occur at the Indicative Match Price — the price at which the maximum volume of orders is executable at the time of the auction. If two or more prices can maximize executable volume, the Early Open Auction occurs at the price closest to the Auction Reference Price, which is the previous day’s Official Closing Price. Unexecuted orders become eligible for the Early Trading Session immediately upon conclusion of the Early Open Auction.

Core Open Auctions

The Core Open Auction serves as a bridge between the Early Trading Session and the Core Trading Session. The execution of the Core Open Auction is the first trade of the Core Trading Session. Limit Orders eligible for the Early Trading Session only will be cancelled back after the Core Open Auction. The Core Open Auction will only be conducted auction eligible, NYSE Arca Listed securities.

Core Trading Session eligible Limit Orders, Market Orders and Auction-Only Orders will participate in the Core Open Auction. Beginning at 9:29 a.m. ET, requests to cancel or cancel and replace Market on Open (MOO) and Limit on Open (LOO) Orders will be rejected. The Core Open Auction Imbalance Freeze will begin five seconds before the scheduled time for the Core Open Auction (9:30 a.m.) Order entry and cancellation will be processed during the Core Open Auction Imbalance Freeze as follows. MOO and LOO Orders will be rejected and new Limit Orders (that are not eligible to trade in the Early Trading Session) and Market Orders will be accepted, but will be eligible to participate in the Core Open Auction only to offset the imbalance that is remaining after all orders entered before that time period are allocated in the Core Open Auction.

For example, if the aggregate volume of market sell orders in the Core Open Auction is 30,000, and the aggregate volume of buy orders (including Market and Limit Orders) is 25,000 shares, a market order imbalance on the sell side exists.

Beginning at 9:30 a.m. ET, the Core Open Auction will execute at a single price and all unexecuted orders will be released into the Core Trading Session.

Determining Core Open Auction Price

Beginning at 9:30 a.m. ET, all orders entered for the Core Open Auction in addition to all orders entered into the Core Trading Session will be included in the Core Open Auction.

Matched orders will be executed in the Core Open Auction at the Indicative Match Price as of 9:30 a.m. ET.

If there are multiple prices at which the Total Imbalance can equally execute, the Indicative Match Price will be based on the price closest to the Auction Reference Price, including equal to the Auction Reference Price itself when that is one of the prices available.

If the matched volume consists only of buy Market Orders and sell Market Orders, the orders will be executed at the Auction Reference Price, which is:

Core Open Auction Collars

The Core Open Auction is a single-price auction that matches buy and sell orders at the Indicative Match Price, the price that maximizes the amount of tradable stock within the Auction Collars. These collars are based on a specific percentage away from the Auction Reference Price. The Core Auction Collar will be based on a price that is the greater of $0.15 or a specified percentage away from the Auction Reference Price.

Beginning at 9:30 a.m. ET, all orders entered for the Core Open Auction in addition to all orders entered into the Core Trading Session will be included in the Core Open Auction.

• Matched orders will be executed in the Core Open Auction at the Indicative Match Price as of 9:30 a.m. ET
• If there are multiple prices at which the Total Imbalance can equally execute, the Indicative Match Price will be based on the price closest to the Auction Reference Price, including equal to the Auction Reference Price itself when that is one of the prices available.
• If the matched volume consists only of buy Market Orders and sell Market Orders, the orders will be executed at the Auction Reference Price, which is:
• the midpoint of the Auction NBBO* at 9:30 a.m. ET 
• the locked price, if the Auction NBBO is locked at 9:30 a.m. ET
• If there is no Auction NBBO, the prior day's Official Closing Price

Core Open Auction Collars

The Core Open Auction is a single-price auction that matches buy and sell orders at the Indicative Match Price, the price that maximizes the amount of tradable stock within the Auction Collars. These collars are based on a specific percentage away from the Auction Reference Price. The Core Auction Collar will be based on a price that is the greater of $0.15 or a specified percentage away from the Auction Reference Price.

Closing Auctions

Similar to NYSE Arca's Core Open Auction, the Closing Auction is a single-price auction that matches buy and sell orders at the price that maximizes the amount of tradable stock. The Closing Auction will be conducted at the end of the Core Trading Session in all auction eligible securities.

Closing Auction Timeline (All Eastern Time)

Between 3:59 and 4:00 p.m. ET (the freeze period), Market on Close (MOC) and Limit on Close (LOC) orders cannot be cancelled. During the freeze, MOC and LOC orders that are on the same side as the published imbalance, would flip the imbalance, or would create a new imbalance, will be rejected (e.g. if there is a buy imbalance, no buy MOC or LOC orders will be accepted). All other order instructions, including requests to cancel orders participating in continuous trading, will be accepted. For example, a 500 share sell imbalance exists at 3:59 p.m. ET. An MOC or LOC to buy 500 shares would be permitted because it achieves equilibrium. However, an MOC or LOC order to buy 1,000 shares would not be permitted as it would flip the imbalance of 500 shares on the sell side to an imbalance of 500 shares on the buy side.

Determining Closing Auction Price

Until the time the Closing Auction is run, orders entered in the Core Session will continue to trade in the Core Trading Session. Beginning at 4:00 p.m. ET all orders entered for the Closing Auction in addition to all orders entered into the Core Trading Session will be included in the Closing Auction.

Closing Auction Price Collars

The Closing Auction will not execute outside of specified Auction Collars. The collars for the Closing Auction are based on a price that is the greater of $0.15 or a specific percentage away from the Auction Reference Price, which is the last consolidated sale. If there is no last consolidated sale, the Auction Reference Price is the prior day's Official Closing Price.

All trades that participate in the Closing Auction greater than one round lot will be reported to the tape with the *.M* extension— which will include both the Official Closing Price and the volume of shares executed in the Closing Auction.