NYSE Arca Permits Mixed Lots in Reserve Orders
Published Date: 9/2/2025
Notice
Summary
NYSE Arca is updating its rules to let traders show part of their Reserve Orders in mixed lot sizes, not just round lots. This change makes trading smoother and matches what other markets already do. It takes effect right away and could help traders manage their orders more flexibly without extra costs.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Reserve Orders May Use Mixed Lot Displays
If you trade on NYSE Arca, you can now enter the displayed portion of a Reserve Order as a mixed lot (not just round lots). The Exchange filed the change on August 22, 2025, it became effective upon filing, and the Exchange will announce an implementation date by Trader Update no later than December 31, 2025.
Change Aimed to Increase Displayed Liquidity
The Exchange states the rule change is intended to incentivize posting more displayed liquidity on NYSE Arca and to provide more opportunities for market participants to interact with that displayed liquidity. The Exchange believes this will make posted liquidity on the Exchange more similar to other marketplaces that already allow mixed-lot displayed Reserve Orders.
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