2026-04896NoticeWallet

NYSE Arca Caps Trader Credits in Latest Fee Fiddle

Published Date: 3/13/2026

Notice

Summary

NYSE Arca is changing its fees by adding a limit to the credit traders can get under a special pricing tier called Step Up Tier 3. This update starts right away on March 2, 2026, and affects anyone trading stocks on NYSE Arca who uses this pricing plan. The goal is to keep things fair and competitive in the market while managing costs.

Analyzed Economic Effects

2 provisions identified: 1 benefits, 1 costs, 0 mixed.

Cap on Step Up Tier 3 Tape B Credits

The exchange will cap the credit payable under Step Up Tier 3 for Tape B securities. ETP Holders who qualify for Step Up Tier 2 or Step Up Tier 3 will not receive additional Tape B tier credits for adding displayed liquidity, including credits tied to Less Active Securities; the current Step Up Tier 3 credit is $0.0031 per share (and Step Up Tier 2 credits are $0.0033 per share for Tapes A and C and $0.0034 per share for Tape B).

Lead Market Makers Retain Enhanced Credit Path

Lead Market Makers (LMMs) that currently qualify may still receive a combined Step Up Tier 2 credit of up to $0.0036 per share on their adding volume in Tape B securities if the LMM and its affiliates execute Tape B adding average daily volume (ADV) that is at least 40% over the firm's adding ADV in Q3 2019, measured as a percentage of Tape B consolidated average daily volume (CADV).

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Key Dates

Effective Date
Published Date
3/2/2026
3/13/2026

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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