NYSE National Introduces Fee for Special Retail Orders
Published Date: 5/27/2025
Notice
Summary
NYSE National is updating its fee schedule to add a new fee for a special order type called Retail Price Improvement Seeking. This change affects traders using this routing strategy and kicks in immediately as of May 13, 2025. It’s all about keeping fees clear and fair in a competitive market.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Retail Orders Gain NYSE Price Access
Type 1 Retail Orders that use the Retail Price Improvement Seeking routing strategy will, after checking the NYSE National book, have any remaining shares routed to the New York Stock Exchange to seek additional retail liquidity and price improvement. Any shares unexecuted after routing are cancelled; this routing option is voluntary and became available May 13, 2025.
No Routing Fee for Retail Orders
If you or your broker route Type 1 Retail Orders using the Retail Price Improvement Seeking strategy, there is no routing fee for orders in securities priced at or above $1.00. This fee waiver took effect May 13, 2025 and applies equally to all orders designated with that routing strategy.
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Department and Agencies
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