NYSE National Slashes Rebates and Adds New Fee Tier Immediately
Published Date: 11/28/2025
Notice
Summary
NYSE National is changing its fees starting right away! They’re stopping a rebate for certain orders that remove liquidity at or above $1.00 if those orders don’t beat the best market price. Plus, they’re adding a new fee tier called Removing Tier 4 to shake things up for traders and firms using the exchange.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Elimination of $0.0016 Removing Rebate
If you are an ETP Holder or firm that received the Exchange's $0.0016 per-share rebate, that rebate will be removed for non-tiered orders that remove liquidity in securities priced at or above $1.00 when those orders do not execute at a price better than the contra-side NBBO. The Exchange proposes to implement this change on October 1, 2025.
New Removing Tier 4: $0.0010 Rebate
The Exchange will add a new Removing Tier 4 that pays a $0.0010 per-share rebate for orders that remove liquidity in securities priced $1.00 or more and do not execute at a price better than the contra-side NBBO, but only for ETP Holders that have at least 50,000 Adding ADV. The Exchange proposes to implement this change on October 1, 2025.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16936, Eagle Point Credit Management LLC and Eagle Point Trinity Senior Secured Lending Company
2026-16951, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Regarding Certain Free Trials
Cboe C2 Exchange is changing its free trial offer for certain market data. Instead of letting users pick any six months of past data, everyone will get the same fixed six-month period from July to December 2022. This update starts right away and helps keep things simple for traders and data users.
Previous / Next Documents
Previous: 2025-21397, Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Rules To Align With Exchange Act Rule 17ad-26
The Depository Trust Company (DTC) is updating its rules to match a new SEC rule about how it handles emergencies and shutdowns. This change affects anyone who uses DTC’s services, making sure the company can recover smoothly if things go wrong. The update is effective immediately and won’t cost users extra money.
Next: 2025-21399, Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NSCC Rules To Align With Exchange Act Rule 17ad-26
The National Securities Clearing Corporation (NSCC) is updating its rules to match a new federal rule about how it handles emergencies and shutdowns. This change affects financial firms that use NSCC to clear trades, making sure everyone’s on the same page for safety and smooth wind-downs. The update is effective immediately, with no extra costs, helping keep the financial system strong and ready for anything.