NYSE Updates 'Last Modified' Definition for Close-of-Day Trading Fees
Published Date: 12/23/2025
Notice
Summary
The New York Stock Exchange (NYSE) is updating how it defines “last modified” for certain D Orders that happen at the market’s close. This change tweaks their price list and takes effect immediately on December 5, 2025. Traders and firms using these orders might see small fee adjustments, keeping NYSE competitive and clear.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Close-Order Timing May Lower Trading Fees
The NYSE changed how it defines “last modified” for D Orders that execute in the close, effective December 5, 2025. The new definition removes order cancellations and the prior broker-badge/firm/symbol/side restriction and defines “last modified” as the later of entry time or the final modification; this can move orders out of the Late D Order bucket (last 1 minute before close) into Mid (10 minutes up to 1 minute) or Early (earlier than 10 minutes) buckets and may result in lower fees for member firms that enter or modify D Orders earlier. The fee differentiation applies after the first 10,500,000 ADV of aggregate executions at the close by a member organization.
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