NYSE Eases Reserve Order Sizes for Traders
Published Date: 9/2/2025
Notice
Summary
NYSE American is updating its rules to let traders show mixed lot sizes in Reserve Orders, not just round lots. This change makes their system more like other markets and helps traders be more flexible with order sizes. The new rule is effective immediately, so traders can start using it right away without extra costs.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Reserve Orders Can Use Mixed Lots
If you are a trader or member organization, NYSE American amended Rule 7.31E(d)(1)(A) so the displayed quantity of a Reserve Order may be entered as a mixed lot (an amount that is not a multiple of a round lot) in addition to a round lot. The Exchange filed this change on August 22, 2025 and the filing became effective upon filing.
Exchange Says More Displayed Liquidity Likely
The Exchange states that permitting mixed-lot displayed quantities for Reserve Orders would incentivize posting more displayed liquidity on NYSE American and provide more opportunities for market participants to interact with that displayed liquidity.
Implementation Date Set by December 31, 2025
The Exchange will announce the implementation date for this rule change by a Trader Update, and that implementation date will be no later than December 31, 2025. The rule filing itself was submitted on August 22, 2025 and became effective upon filing under the immediate-effectiveness provision.
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Previous: 2025-16699 — Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 7.31(d)(1)(A)
NYSE Texas is updating its rules to let traders show part of their Reserve Orders in mixed lot sizes, not just round lots. This change makes trading smoother and matches what other markets already do. It’s effective immediately, so traders can start using this new option right away without any extra costs.
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