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).
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-06475 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Cboe Rule 5.4
Cboe Exchange is changing the smallest price step for options on its Mini Bitcoin ETF Index to make trading smoother and clearer. This change affects traders using these options and kicks in quickly after approval, with no extra costs involved. The SEC gave this update a fast green light, so expect the new rules to start soon!
2026-06469 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing of Proposed Rule Change To Amend BOX Rules 5055 (FLEX Equity Options) and 3120 (Position Limits)
BOX Exchange wants to update its rules for special options tied to popular Bitcoin and Ethereum ETFs and trusts. These changes affect traders using FLEX equity options and position limits, aiming to keep things fair and clear. The new rules could impact how much traders can hold and trade, with the proposal open for public comments starting April 2026.
2026-06473 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend the Exchange's Anti-Internalization Functionality in Equity 4, Rule 3307, and To Extend the Implementation Date of the CORE FIX Order Entry Protocol
Nasdaq PHLX is updating a rule that helps stop trades from accidentally happening within the same firm, which keeps trading costs down. They’re also pushing back the start date for a new order entry system called CORE FIX. These changes affect traders using Nasdaq PHLX and aim to make trading smoother without extra costs, with the new system launch delayed to give everyone more time to get ready.
2026-06462 — Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Monthly Enterprise Fee for Its Depth of Book Proprietary Market Data Feed
24X National Exchange is starting a new monthly fee for companies using its special market data feed that shows detailed order info. This change affects businesses that rely on this data and kicks in right away, meaning they’ll pay a set monthly charge to access it. It’s a clear move to keep the data service running smoothly and fairly.
2026-06466 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend the Exchange's Anti-Internalization Functionality in Equity 4, Rule 4757, and To Extend the Implementation Date of the CORE FIX Order Entry Protocol
Nasdaq is updating a rule that helps stop trades from accidentally happening within the same firm, which keeps trading fair and lowers costs. They’re also pushing back the start date for a new order entry system called CORE FIX to give everyone more time to get ready. These changes affect traders using Nasdaq and aim to make trading smoother without extra fees or delays.
2026-06463 — Joint Industry Plan; Notice of Filing of Amendment No. 1, and Order Instituting Proceedings To Determine Whether To Approve or Disapprove an Amendment to the National Market System Plan Regarding Consolidated Equity Market Data, as Modified by Amendment No. 1, To Adopt a Fee Schedule
Big stock market players like exchanges and trading groups want to start charging fees for sharing important stock data. They updated their plan after hearing feedback, and now the SEC is deciding if these new fees are fair and should go live. If approved, this could change how much it costs to get stock info starting soon.
Previous / Next Documents
Previous: 2026-04895 — Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.24 To Allow a Retail Member Organization To Enter a Retail Order Onto the Exchange in a Principal Capacity
Cboe BYX Exchange is updating its rules to let Retail Member Organizations enter retail orders as principals, as long as they follow new requirements. These organizations must have policies to prove they’re playing by the rules and be ready to show proof if asked. This change is effective immediately and aims to make trading smoother for retail investors without extra costs.
Next: 2026-04897 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Equities Fees and Charges
Starting March 2, 2026, NYSE Arca is raising fees for certain trades that take shares away from the market in specific stocks priced $1 or more. This change affects traders dealing with Tape B securities across several pricing tiers and means they’ll pay a bit more when their orders remove liquidity. It’s a quick update aimed at keeping the market fair and balanced.
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in