NYSE Tweaks Reserve Order Rules for Flexible Trading
Published Date: 9/2/2025
Notice
Summary
NYSE National is updating its rules to let traders show part of their Reserve Orders in mixed lot sizes, not just round numbers. This change makes trading smoother and matches what other markets already do. It’s effective immediately, so traders can start using this new option right away without extra costs.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Reserve Orders May Show Mixed Lots
The Exchange amended Rule 7.31(d)(1)(A) to allow the displayed quantity of a Reserve Order to be entered as a mixed lot (not only round lots). A mixed lot is any amount greater than a round lot that is not a multiple of the round lot; Rule 7.5 defines a round lot (for many stocks 100 shares, with Reg NMS changes effective the first business day of November 2025).
Immediate Effect with Implementation Date
The Exchange filed the change on August 22, 2025 and the rule filing was effective immediately upon filing under Rule 19b-4(f)(6). The Exchange will announce an implementation date by Trader Update no later than December 31, 2025, and the Commission may temporarily suspend the change within 60 days of filing.
Exchange Expects More Displayed Liquidity
The Exchange states that permitting mixed lot displayed quantities should incentivize posting of more displayed liquidity on the Exchange and provide a corresponding opportunity for market participants to interact with that liquidity, which the Exchange says would benefit all market participants.
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