2026-03606Notice

NYSE Arca Tweaks Retail Trading Fees to Stay Competitive

Published Date: 2/24/2026

Notice

Summary

NYSE Arca is changing its fees for certain retail stock orders that remove liquidity, specifically in Retail Tiers 3 and 5. These updates aim to keep the Exchange competitive as traders can choose where to send their orders. The new fees took effect on February 11, 2026, so traders and firms should check how this impacts their costs.

Analyzed Economic Effects

4 provisions identified: 3 benefits, 1 costs, 0 mixed.

New $0.0025/share Retail removal fee

Starting February 11, 2026, NYSE Arca will charge a fee of $0.0025 per share for Retail Orders with a time-in-force of Day that remove liquidity under Retail Tier 3 and Retail Tier 5. This fee applies to ETP Holders that send those specific retail removal orders to the Exchange.

No-fee carve-out for qualifying LMMs

NYSE Arca will not charge the $0.0025 per-share fee for the first 170 million shares or 0.055% of Dollar Plus Consolidated Volume (up to 250 million shares), whichever is higher, for ETP Holders that are registered as a Lead Market Maker or Market Maker in at least 200 Less Active ETPs and meet at least two Performance Metrics. The Exchange will add a footnote (e) to describe this no-fee exception.

Avoiding fees via higher-tier volumes

ETP Holders can continue to avoid paying the proposed $0.0025 fee by sending greater volume of Retail Orders with a time-in-force of Day to qualify for Retail Tier 1 or Retail Tier 2; those tiers would continue not to charge a fee for removing liquidity when below the existing cap. This remains an option for firms that increase their qualifying retail volume on the Exchange.

Proposed fee below standard removal fee

The Exchange states the proposed $0.0025 per-share fee is lower than the Exchange's standard fee of $0.0030 per share for orders that remove liquidity. That means, for affected orders, the new rate is $0.0005 per share less than the stated standard removal fee.

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Key Dates

Effective Date
Published Date
2/11/2026
2/24/2026

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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