NYSE National Slashes Rebates and Adds New Fee Tier Immediately
Published Date: 11/28/2025
Notice
Summary
NYSE National is changing its fees starting right away! They’re stopping a rebate for certain orders that remove liquidity at or above $1.00 if those orders don’t beat the best market price. Plus, they’re adding a new fee tier called Removing Tier 4 to shake things up for traders and firms using the exchange.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Elimination of $0.0016 Removing Rebate
If you are an ETP Holder or firm that received the Exchange's $0.0016 per-share rebate, that rebate will be removed for non-tiered orders that remove liquidity in securities priced at or above $1.00 when those orders do not execute at a price better than the contra-side NBBO. The Exchange proposes to implement this change on October 1, 2025.
New Removing Tier 4: $0.0010 Rebate
The Exchange will add a new Removing Tier 4 that pays a $0.0010 per-share rebate for orders that remove liquidity in securities priced $1.00 or more and do not execute at a price better than the contra-side NBBO, but only for ETP Holders that have at least 50,000 Adding ADV. The Exchange proposes to implement this change on October 1, 2025.
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