2025-22400NoticeWallet

NYSE American Modifies Options Auction Credit Qualifications Starting December

Published Date: 12/10/2025

Notice

Summary

Starting December 1, 2025, NYSE American is changing the rules for earning credits when traders start single-leg CUBE Auctions. This update affects traders using these auctions by tweaking how they qualify for fee credits, potentially saving them money. The change kicks in right away, making it easier and clearer to get rewarded for participating.

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

Lower Threshold to Earn Enhanced Credits

Starting December 1, 2025, ATP Holders may earn enhanced Initiating Participant Credits for single-leg CUBE Auctions by executing at least 0.30% of TCADV in Electronic Customer Complex Orders (the prior threshold was 0.40%). The monthly Initiating Complex CUBE Orders threshold remains at 0.40% of TCADV.

Potential Market-Wide Liquidity Improvements

The Exchange states that lowering the qualifying criteria is designed to encourage ATP Holders to initiate CUBE Auctions on the Exchange, which could lead to increased liquidity, tighter spreads, and more opportunities for price improvement for all market participants.

Per-Contract Credits for CUBE Auction Initiators

Under the Exchange's Fee Schedule, Initiating Participant Credits for single-leg CUBE Auctions are $0.26 per contract for Penny Issues and $0.65 per contract for Non-Penny Issues. Enhanced Initiating Participant Credits, if eligibility criteria are met, are $0.30 per contract for Penny Issues and $0.70 per contract for Non-Penny Issues.

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Key Dates

Effective Date
Published Date
12/1/2025
12/10/2025

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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