NYSE ARCA – equities payment adjustments efficient August 2, 2021

NYSE Arca affords Step Up Tier 4 credit for including liquidity of $0.0033 per share in Tapes A and C and $0.0034 per share in Tape B for companies rising offering ADV by at the least 0.40% of US CADV over the agency’s September 2019 baseline, as a share of US CADV.

At the moment, companies qualifying for Step Up Tier 4 don’t obtain any extra Tape B Tier credit for offering liquidity, together with incremental Tape B Tier credit related to Much less Energetic ETP Securities.

The Change proposes that companies registered as a Lead Market Maker can obtain a mixed credit score of as much as $0.0036 per share on including quantity in Tape B Securities if executing Tape B offering ADV that’s at the least 40% over the agency’s Q3 2019 baseline, as a share of Tape B CADV.

Modification of Tape B Step Up Tier

Underneath Tape B Step Up Tier, companies presently obtain incremental credit on Tape B displayed including liquidity when Tape B offering ADV is at the least 0.50% of Tape B CADV with a rise in Tape B including as share of CADV over the Q3 2019 baseline is:

• Better than 20%, then $0.0002 per share, or
• Better than 30%, then $0.0003 per share, or
• Better than 40%, then $0.0004 per share

The incremental credit score mixed with different credit in Tape B presently is capped at $0.0032 per share. NYSE Arca proposes to extend the mixed credit score cap, if companies enhance their offering ADV at the least 150% over the baseline, to:

• $0.0033 per share if a agency registers as a Lead Market Maker or Market Maker in at the least 150 Much less Energetic ETPs by which it meets at the least two Efficiency Metrics, and has a Tape B Including ADV of at the least 0.65% of Tape B CADV, or
• $0.0034 per share if a agency registers as a Lead Market Maker or Market Maker in at the least 200 Much less Energetic ETPs by which it meets at the least two Efficiency Metrics and has a Tape B Including ADV of at the least 0.70% of Tape B CADV.

Introduction of MPID Including Tier

NYSE Arca proposes to introduce including credit in Tape A and Tape C securities to MPIDs that execute offering ADV that’s at the least 2 instances greater than its offering ADV in 2Q 2021 as a share of US CADV as follows:

• $0.0028 per share if the MPID has at the least 4 million shares of offering ADV, or
• $0.0029 per share if the MPID has at the least 9 million shares of offering ADV

Modification of Tape B Tier 2

NYSE Arca affords 3 ways to qualify for Tape B Tier 2 credit score of $0.0028 per share for offering displayed liquidity. NYSE Arca proposes to eradicate the flexibility to qualify if a agency’s Tape B present is at the least 0.20% over the agency’s Q2 2015 Tape B present as a share of Tape B CADV.

The remaining two methods to qualify stay unchanged for companies that present liquidity in Tape B of:

• 1.00% of Tape B CADV, or
• 0.25% of Tape B CADV over the agency’s April 2020 baseline.

NYSE Arca is just not proposing another adjustments to Tape B Tier 2.