NYSE American's Summer Bonus: No Caps on Broker Rebates!
Published Date: 5/8/2025
Notice
Summary
Starting May 1, 2025, NYSE American is lifting the cap on certain credits and rebates for floor brokers handling QCC trades and manual rebates. This change helps brokers earn more rewards during May, June, and July 2025. If you’re a floor broker, get ready for bigger credits and rebates this summer!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Waiver of $3,000,000 Floor Broker Cap
If you are a Floor Broker firm, the Exchange will waive the $3,000,000 per-month cap on combined Floor Broker credits for QCC trades and rebates through the Manual Billable Rebate Program for May, June, and July 2025. This waiver is effective May 1, 2025 and lets firms earn credits and rebates beyond the usual $3,000,000 monthly limit during those months.
Intended Boost to Exchange Liquidity
The Exchange says the waiver is meant to keep Floor Brokers sending open outcry and QCC order flow to the Exchange, which the Exchange expects will increase liquidity and market quality for market participants on the Exchange. The Exchange explicitly states this change is intended to benefit all market participants by providing more trading opportunities and tighter spreads.
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