NYSE Rolls Out Monthly Rewards Boost for Dedicated Market Makers
Published Date: 7/3/2025
Notice
Summary
The New York Stock Exchange is updating its price list to give extra monthly rewards to Designated Market Makers who keep quoting certain products for up to three years after they start trading. This change kicks in on June 16, 2025, aiming to keep market makers motivated and improve trading activity. If you’re a market maker or trade Exchange Traded Products, this update could affect your fees and earnings.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Extended tiered monthly DMM quoting credits
If you are a Designated Market Maker (DMM), the NYSE keeps the existing monthly credits for the first 12 months after an ETP lists ($4,000 for quoting 30%+ of the time or $2,000 for under 30%). For months 13 through 36 after listing, new tiered credits apply: a $2,000 monthly credit if you quote 30%+ and the ETP has CADV ≥ 100,000 shares and you provide ≥ 15% liquidity; a $2,000 monthly credit if you quote 30%+ and the ETP has CADV < 100,000 but you provide ≥ 40% liquidity; and a $500 monthly credit if you do not meet those post-12-month requirements. These rules take effect June 16, 2025 and apply only while the ETP remains listed on the Exchange.
One-time DMM assignment incentives by ETP count
DMMs will be eligible for a one-time payment based on how many ETPs they have assigned as of June 30, 2025: $15,000 if the DMM has 1–20 assigned ETPs as of that date, or $60,000 if the DMM has more than 20 assigned ETPs as of that date. The one-time incentive is part of the Price List changes the Exchange filed effective June 16, 2025.
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