NYSE Sweetens the Pot: More Credits for Options Auction Gamblers
Published Date: 6/10/2025
Notice
Summary
Starting June 2, 2025, NYSE American is boosting the credits traders get for using certain CUBE Auctions in options trading. This change helps customers save more money when they participate in Single-Leg and Complex CUBE Auctions. Traders using these auctions will see better rewards, making trading on NYSE American even more attractive!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Single‑Leg CUBE Rebate Increase
If you are an ATP Holder who initiates Single‑Leg CUBE Auctions, the ACE rebate for participants that achieve ACE Tiers 1, 2, or 3 increases from $0.05 to $0.12 per contract. The increased rebate applies to the first 5,000 contracts executed in a Single‑Leg CUBE Auction; ACE Tier 4 and 5 rebates remain $0.12 per contract.
Complex CUBE Rebate Increases
If you are an ATP Holder initiating Complex CUBE Auctions, both the ACE Rebate and the Alternative Rebate increase from $0.10 to $0.12 per contract. These rebates apply to the first 1,000 contracts per leg of a Complex CUBE Order executed in a Complex CUBE Auction; Alternative Rebate eligibility depends on certain monthly volume qualifications.
Exchange Says Market Quality May Improve
The Exchange states that by increasing these rebates it expects to encourage more CUBE Auction volume, which could increase liquidity, promote market depth, facilitate tighter spreads, and enhance price discovery for market participants.
Rebate Stacking and Payment Rules
The increased ACE and Alternative rebates are payable in addition to any Initiating Participant credits offered for CUBE Auctions, but ATP Holders that qualify for more than one rebate are entitled only to the greater of the two rebates. Qualification bases for the rebates are not being changed.
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