NYSE Sweetens Deals for CUBE Auction Volume Traders
Published Date: 4/23/2025
Notice
Summary
NYSE American is updating its options trading fees and rebates starting April 15, 2025. Traders who use the CUBE Auctions can now qualify for special credits and rebates in new ways, especially if they hit certain volume levels. This change helps active traders save money and rewards those who trade more complex orders.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
New Way to Earn Enhanced CUBE Credits
Starting April 15, 2025, ATP Holders can qualify for the enhanced Initiating Participant Credits for the single-leg CUBE Auction by executing at least 0.40% of TCADV in monthly initiating Complex CUBE Orders (including AON Complex CUBE Orders). The enhanced credits are ($0.30) per contract for Penny Issues and ($0.70) per contract for Non-Penny Issues.
New $0.12 Professional CUBE Rebate
Effective April 15, 2025, the Exchange adds a Professional Initiating Participant Rebate that pays ($0.12) per contract in each CUBE Auction (single-leg, Complex, and AON) to ATP Holders that qualify for Tier B of the Professional Volume Incentive. To reach Tier B an ATP Holder must execute Qualifying Professional Volume of at least 0.30% of TCADV in a month; the Professional IP Rebate does not apply to AON CUBE Orders executed by a Floor Broker, and ATP Holders earning multiple Initiating Participant Rebates receive only the highest rebate.
Exchange Says More CUBE Incentives May Boost Liquidity
The Exchange states that by encouraging ATP Holders to initiate and direct more CUBE Auction volume, increased liquidity and price-improvement opportunities may result, which could lead to tighter spreads and better price discovery for market participants. The filing links these expected market-quality benefits to the proposed credits and rebates.
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