NYSE Texas Dangles Carrots for Market Makers in Fee Update
Published Date: 9/26/2025
Notice
Summary
NYSE Texas is updating its fee schedule to add new transaction fees, credits, and rewards for Lead Market Makers (LMMs). These changes aim to motivate LMMs to boost trading quality on the exchange, especially for certain products. The new fees and incentives take effect immediately, impacting how LMMs earn and pay on trades starting September 15, 2025.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
New per-share fees and routing charges
If you are a Lead Market Maker (LMM) on NYSE Texas, new per-share fees and credits apply starting September 15, 2025. For securities priced $1.00 or more, displayed liquidity gets a $0.0035 per-share credit and non-displayed liquidity a $0.0030 credit; removing liquidity is charged $0.0030 per share. Orders routed away are charged $0.0030 per share for $1.00-or-higher securities and 0.30% of trade value for securities under $1.00; Directed Orders to OneChronos LLC are charged $0.0015 per share.
Monthly $600 performance bonus per symbol
Lead Market Makers can earn a $600 monthly credit for each registered symbol if, in a billing month, they meet at least two of four performance metrics or the assigned security is a Leveraged Security. The performance criteria include measures such as a Maximum LMM Spread threshold (example table uses 55 basis points) and minimum quoted shares (example: 2,400 shares within 1% of NBBO).
Investors may see better liquidity, no auction fees
The Exchange says the new credits and incentives are intended to increase displayed liquidity and market quality, and it will not charge LMMs for orders executed in Opening or Closing Auctions. The Exchange states that greater liquidity and no auction fees should benefit market participants and investors by improving price discovery and reducing auction execution costs.
May encourage issuers to list on NYSE Texas
The Exchange states the incentives are designed to encourage LMM participation and thereby make NYSE Texas more attractive for issuers to list new securities. The filing says the program is intended to help the Exchange compete as a listing venue.
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