NYSE Eases Path to Lower Non-Display Trading Fees
Published Date: 12/17/2025
Notice
Summary
The New York Stock Exchange is changing how traders qualify for a special lower fee called Non Display Tier 1 pricing. This update encourages more trading activity on the exchange for certain stocks and kicks in starting December 1, 2025. Traders and firms who want to save on fees should check out the new rules and adjust their strategies accordingly!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
New DMM-Based Route To Fee Credit
Starting December 1, 2025, member organizations that are also Designated Market Makers (DMMs) and that are registered as a DMM in at least 500 Tape A issues can qualify for the Non Display Tier 1 credit. The credit is $0.0018 per share for securities with a per-share price of $1.00 or more, or a credit equal to 0.18% of the total dollar value of the transaction for securities with a per-share price below $1.00. The filing notes there are currently 3 member organizations that meet the 500 Tape A-issue threshold and could qualify for these credits.
Existing ADV-Based Eligibility Remains
The Exchange is keeping its current route to qualify for the Non Display Tier 1 credit based on Adding Average Daily Volume (ADV). Member organizations that send non-displayed limit orders with Adding ADV of at least 0.15% of combined Tapes A, B, and C consolidated ADV (CADV), excluding DMM-added liquidity, remain eligible for the same credits ($0.0018 per share for securities $1.00+; 0.18% credit for securities below $1.00).
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