NYSE Speeds Up Trading by Ditching Old Floor Broker Steps
Published Date: 1/23/2026
Notice
Summary
The New York Stock Exchange is updating Rule 76 to make crossing orders faster and simpler by cutting out some old manual steps involving floor brokers and market makers. This change affects traders using the physical trading floor and aims to modernize how trades happen, with no extra costs expected. The new rule is up for review now, so feedback is welcome before it goes live.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
DMMs Removed From Floor Crosses
If you work on the NYSE Trading Floor, the new rule would remove Designated Market Maker (DMM) involvement in manual Floor broker cross transactions. Floor brokers would instead announce crosses electronically at a designated spot in the presence of a Trading Official, replacing the current DMM acknowledgement process.
Electronic Announcements, 20-Second Timer Kept
Floor brokers would keep the existing 20-second timer when entering a cross, but would announce the proposed cross electronically to the entire Trading Floor instead of verbally at a DMM post/panel. If interest is shown during the announcement, the Floor broker must trade with that interest or cancel the original cross if it cannot be completed.
Modernize Tech References — HHDs Replaced
The Exchange would remove most references to handheld devices (HHDs) in Rule 76 and replace references to the 'quote minder' function with 'Exchange systems.' The rule continues to rely on an alert and a 20-second window for crossing but updates terminology to refer to Exchange systems rather than specific HHD functions.
Apply Same Cross Rules to UTP and Block Trades
The Exchange would delete the preamble that excluded UTP securities so that Floor brokers would follow the same crossing procedures for Exchange-listed and UTP securities. The proposed change also removes DMM involvement for Rule 72(d) 'block' crosses (where a block is at least 10,000 shares or $200,000 in market value).
Investor Protection From Info Asymmetry
The Exchange states the proposal would eliminate interaction between Floor brokers and individual DMMs during crosses to reduce any information asymmetry, and would require Trading Officials to supervise and acknowledge cross announcements to help prevent misuse of non-public information. The Exchange says this is intended to protect investors and the public interest.
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