In October 2011, the NYSE and NYSE Amex announced the introduction of a first-of-its-kind Retail Liquidity Program, pending SEC approval, that would produce cost savings for individual investors through price improvement to retail order flow. Below we note two clarifications to the initial Trader Alert of October 25, 2011:
Retail Price Improvement Orders (RPI):
The limit price and offset price must be submitted in multiples of the minimum price improvement value, currently set at $0.0010. In addition, any RPI interest that would result in an execution below $1.00 will be prevented from trading, as per the Retail Liquidity Program rules.
Retail Order (RO):
Retail Orders priced below $1.00 will be accepted in sub-pennies and will be eligible to interact with other non-Retail orders if designated to do so by the order originator. Any RO priced in sub-pennies at or above $1.00 will be rejected as an invalid price.
User Acceptance Testing:
The NYSE user acceptance testing facility is currently available to support testing of the new Retail Liquidity Program’s order types. Customers wishing to take advantage of this service should contact firmtesting@nyx.com or 888.689.7739 Option 2 for further information.
Additional details will be provided at a later time regarding target live dates.
For additional information regarding the Retail Order program, please visit our website at https://usequities.nyx.com/connecting/Technical-Specifications.
For additional business questions or comments, please contact your Relationship Manager or one of the additional contacts below:
Robert Airo at rairo@nyx.com or 212.656.5663
Michael Paulyson at mpaulyson@nyx.com or 212.656.2721
Retail Order Program Reference Documents:
Technical Changes in Support of Retail Orders
NYSE Common Customer Gateway (CCG) FIX Specification and API version 5.2
UTPDirect API Specification version 1.9
Category: Technical
