# 2025-15620: NYSE American Eases Rules for Sending Orders Elsewhere

2025-15620, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Rule 7.37E, is a Federal Register notice from Securities and Exchange Commission published 2025-08-18, effective 2025-08-06 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-15620
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-15620
- Title: Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Rule 7.37E
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 40132
- Published: 2025-08-18
- Effective: 2025-08-06
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

NYSE American Eases Rules for Sending Orders Elsewhere

## Summary

NYSE American is updating its rules to let orders be sent to other markets even if those markets aren’t showing special price quotes. This change gives traders more options and control over where their orders go, starting right away. It mainly affects traders using NYSE American’s system and could speed up how orders get filled without extra costs.

## Effects PRIA read

- Optional Routing to Non‑Displayed Venues: benefit, medium. If you are an ETP Holder or trader using NYSE American, eligible orders may be routed to Away Markets that are not displaying protected quotations unless the order includes an instruction to bypass such destinations. This optional routing is established by the proposed amendment to Rule 7.37E(b)(3).
- Use of Broker‑Dealer Data Feeds for Routing: benefit, low. NYSE American will receive data feeds directly from broker‑dealers to route interest to Away Markets that are not displaying protected quotations, as added in proposed Rule 7.37E(d)(1). The change is intended to make the Exchange's rules about using such data feeds clearer and more transparent.
- Routing Strategy Limit on Optional Routing: cost, low. Orders that are designated with a routing strategy pursuant to Rule 7.37(b)(9) will not route to all available Away Markets because such strategies may provide for routing to specific destinations only. This means some strategy-specified orders will not use the new optional routing to non‑displayin…

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## Sources
- [2025-15620 on federalregister.gov](https://www.federalregister.gov/documents/2025/08/18/2025-15620/self-regulatory-organizations-nyse-american-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-15620 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-08-18/pdf/2025-15620.pdf)

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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-15620 (as of 2026-06-08).