The all-electronic NYSE National relies on a system of competing Market Makers to provide a fast, efficient, and consistent marketplace for all participants, including liquidity providers. Market Makers are required to maintain adequate minimum capital and continuous, two-sided identified and displayed quotes for all registered securities during Core Trading Hours (9:30 a.m. to 4:00 p.m. ET). They also clear and settle transactions through a registered clearing agency.
Market Makers subject to the Aggregate Indebtedness Requirement maintain minimum net capital that is the greater of:
Market Makers subject to the Alternative Net Capital Requirement must maintain minimum net capital that is greater than:
Eligible traders can apply in writing to register as Market Maker Authorized Traders (MMAT). Market Makers must meet rigorous education, training, and testing requirements to obtain NYSE National Equity Trading Permits (ETP), register in a given security, and remain in good standing with NYSE National thereafter to perform market-making activities.
NYSE National Market Maker Orientation
This introduction to NYSE National 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 returning it to Client Relationship Services.
NYSE National will review this document upon receipt, and Market Maker Registration becomes effective when the applicant receives approval notice from the NYSE National.
Next, please complete the following document:
Application for Market Maker Registration
Substantial or continued failure to engage in dealings in accordance with NYSE National rules will result in suspension or termination of Market Making status. Any registered Market Maker may withdraw registration by giving written notice to NYSE National, and the withdrawal becomes effective on the tenth business day following the NYSE National's receipt of the notice. After the withdrawal, the ETP holder shall not be permitted to re-register as a Market Maker for a period of six months.
MMATs must not be subject to statutory disqualifications.
NYSE Pillar FIX Gateway Specification
NYSE Pillar Binary Gateway Specification
If you already have a SFTI or a third-party extranet line and have certified your FIX/Binary application, you can request creation, modification or removal of Production Sessions by contacting our Production Support Group at the email link or phone number below. The Production Support group facilitates all production connectivity and provides support for all production sessions.
Beginning in September 2024 for the August billing cycle, Direct Debit via DTCC (“Direct Debit”) is the default payment method for Exchange fees.
The Exchange will send monthly electronic invoices, generally by the fifth business day of each month, for fees or rebates generated in the prior month.
The Exchange will subsequently initiate the debit of any fees due to the Exchange for the prior month on or about the 15th day of the month.
Firms can dispute an invoice in writing by the 15th of the month or the following business day if the 15th is not a business day. If the disputed amount is $10,000 or greater, the Exchange will not include the disputed amount in the debit pending resolution of the dispute.
Credit balances will be paid by the Exchange via wire transfer.
Firms may opt out of Direct Debit by completing this form and returning it to [email protected].
Firms with multiple MPIDs must contact [email protected] to establish a default billing MPID and associated DTCC number, from which firm level fees will be collected.