NYSE Updates Rules for Flexible Reserve Order Sizes
Published Date: 9/2/2025
Notice
Summary
The New York Stock Exchange is updating its rules to let traders show Reserve Orders in mixed lot sizes, not just round numbers. This change helps match other markets and gives traders more flexibility when placing orders. The new rule took effect right away on August 18, 2025, with no extra costs involved.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Reserve Orders May Use Mixed Lots
The NYSE now permits the displayed portion of a Reserve Order to be entered as a mixed lot in addition to a round lot. This amendment became effective on August 18, 2025, and the Exchange will announce the implementation date by Trader Update no later than December 31, 2025. The Exchange says it is not otherwise changing Reserve Order functionality and intends equal, non‑discriminatory access for member organizations.
New Round Lot Size Rules Effective November 2025
Regulation NMS's revised round‑lot definition will be implemented on the first business day of November 2025. Under the rule text cited, a round lot for NMS stocks will be: 100 shares if average closing price is $250.00 or less; 40 shares if $250.01–$1,000.00; 10 shares if $1,000.01–$10,000.00; and 1 share if $10,000.01 or more. The Exchange said it will submit an amendment to its Rule 7.5 to reflect these pending changes.
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