NYSE Arca Adds New Retail Fee Tier for Traders
Published Date: 12/17/2025
Notice
Summary
NYSE Arca is shaking up its fees starting December 1, 2025! They’re adding a new Retail Tier 5, dropping the old Retail Step-Up Tier, and giving traders a new way to qualify for better Retail Order rates. If you trade on NYSE Arca, these changes could save you money or change how you qualify for discounts.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
New Retail Tier 5 Credit
NYSE Arca will add a new Retail Tier 5 that pays a credit of $0.0035 per share to ETP Holders that execute an average daily volume (ADV) of Retail Orders with a time-in-force of Day equal to at least 0.15% of CADV in the billing month. As an alternative, ETP Holders can qualify with 0.075% of CADV combined with affiliated options Customer/Professional Customer posting volume of at least 0.40% of TCADV across all options classes. ETP Holders that qualify for Retail Tier 5 also get the existing fee exemption/fee of $0.0025 per share structure for Retail Day removing orders described in the Fee Schedule (and footnote (d) continues to exclude trades where both sides share the same MPID and are Retail Orders).
Alternative Volume Threshold For Fees
NYSE Arca will offer an alternative volume test so that the $0.0025 per share fee for Retail Day removing orders applies only after an ETP Holder exceeds either 170 million shares in a billing month or 0.055% of Dollar Plus Consolidated Volume (whichever is higher), subject to a maximum cap of 250 million shares. For example, in a month-to-date example the 0.055% cap can exceed 170 million (e.g., 176 million) and can reach the 250 million maximum cap.
Elimination of Retail Step-Up Tier
NYSE Arca will remove the current Retail Step-Up Tier (which paid $0.0035 per share for ETP Holders that executed ADV of Retail Day orders equal to at least 0.075% of CADV) and will delete footnote (e) from the Retail Tiers pricing table. Footnote (e) previously allowed a no-fee treatment for the first 170 million shares in a month if Retail Orders increased over May 2022 by at least 0.05% of CADV. With removal of these items, ETP Holders would be charged fees for Retail Day removing orders unless they qualify under the remaining Retail Tiers.
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
2026-19260, Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4
The SEC wants to stop its federal rule that controls how shareholders can make proposals at company meetings, letting state laws and company rules take over instead. They’re also changing rules so companies can sometimes vote on proposals not in their official materials—but shareholders can opt out if they want. This affects investors and companies, with comments open until November 20, 2026, and could shake up how shareholder voices are heard and counted.
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
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.
Previous / Next Documents
Previous: 2025-23070, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay Implementation of the Change To Amend the Administrative Information Subscriber Market Data Feed
MIAX is hitting the pause button on a planned update to its market data feed that adds an origin code to liquidity event alerts. This delay means traders and subscribers won’t see the new info just yet, giving MIAX more time to get everything perfect. No extra costs or changes in fees are happening now, but keep an eye out for the new launch date!
Next: 2025-23072, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
The New York Stock Exchange is changing how traders qualify for a special lower fee called Non Display Tier 1 pricing. This update encourages more trading activity on the exchange for certain stocks and kicks in starting December 1, 2025. Traders and firms who want to save on fees should check out the new rules and adjust their strategies accordingly!