NYSE American Ditches Rebate Caps for Holiday Cheer
Published Date: 12/1/2025
Notice
Summary
NYSE American is shaking things up for November and December 2025 by removing the limit on credits and rebates floor brokers can earn from QCC trades and manual rebates. This means floor brokers get to keep more money during these two months, making trading on the exchange even sweeter. If you’re a floor broker or involved in these trades, get ready for a nice boost in your earnings!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Temporary Waiver of $3M Monthly Cap
The NYSE American is waiving its $3,000,000 per month per Floor Broker firm cap on combined Floor Broker credits for QCC trades and rebates through the Manual Billable Rebate Program for November and December 2025. The rule change was filed on November 24, 2025 and is effective upon filing, so Floor Broker firms can earn credits and rebates above the $3,000,000 monthly cap during those two months.
Exchange Seeks More Liquidity for Traders
The Exchange says the waiver is intended to encourage Floor Brokers to keep sending open outcry and QCC order flow to NYSE American, which the Exchange states would increase liquidity and potentially improve market quality for all market participants. The Exchange proposes the waiver for November and December 2025 to avoid order flow being redirected to competing venues.
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