# 2025-21634: NYSE American Ditches Rebate Caps for Holiday Cheer

2025-21634, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE American Options Fee Schedule To Waive the Combined Cap on Floor Broker Credits Paid for QCC Trades and Rebates Paid Through the Manual Billable Rebate Program for the Months of November and December 2025, is a Federal Register notice from Securities and Exchange Commission published 2025-12-01, effective 2025-11-24; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-21634
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-21634
- Title: Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE American Options Fee Schedule To Waive the Combined Cap on Floor Broker Credits Paid for QCC Trades and Rebates Paid Through the Manual Billable Rebate Program for the Months of November and December 2025
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 55186
- Published: 2025-12-01
- Effective: 2025-11-24
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

NYSE American Ditches Rebate Caps for Holiday Cheer

## Summary

NYSE American is shaking things up for November and December 2025 by removing the limit on credits and rebates floor brokers can earn from QCC trades and manual rebates. This means floor brokers get to keep more money during these two months, making trading on the exchange even sweeter. If you’re a floor broker or involved in these trades, get ready for a nice boost in your earnings!

## Effects PRIA read

- Temporary Waiver of $3M Monthly Cap: benefit, high. The NYSE American is waiving its $3,000,000 per month per Floor Broker firm cap on combined Floor Broker credits for QCC trades and rebates through the Manual Billable Rebate Program for November and December 2025. The rule change was filed on November 24, 2025 and is effective upon filing, so Floo…
- Exchange Seeks More Liquidity for Traders: benefit, medium. The Exchange says the waiver is intended to encourage Floor Brokers to keep sending open outcry and QCC order flow to NYSE American, which the Exchange states would increase liquidity and potentially improve market quality for all market participants. The Exchange proposes the waiver for November a…

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## Sources
- [2025-21634 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/01/2025-21634/self-regulatory-organizations-nyse-american-llc-notice-of-filing-and-immediate-effectiveness-of-a)
- [2025-21634 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-01/pdf/2025-21634.pdf)

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

Source: PRIA, https://policyrisk.com/federal-register/2025-21634 (as of 2026-06-08).