The all-electronic NYSE National relies on a system of competing Market Makers to provide a fast, efficient, and consistent marketplace for all participants, including liquidity providers. Market Makers are required to maintain adequate minimum capital and continuous, two-sided identified and displayed quotes for all registered securities during Core Trading Hours (9:30 a.m. to 4:00 p.m. ET). They also clear and settle transactions through a registered clearing agency.
Market Makers subject to the Aggregate Indebtedness Requirement maintain minimum net capital that is the greater of:
Market Makers subject to the Alternative Net Capital Requirement must maintain minimum net capital that is greater than:
Eligible traders can apply in writing to register as Market Maker Authorized Traders (MMAT). Market Makers must meet rigorous education, training, and testing requirements to obtain NYSE National Equity Trading Permits (ETP), register in a given security, and remain in good standing with NYSE National thereafter to perform market-making activities.
This introduction to NYSE National Market Maker access, obligations, requirements and order types. Please review and certify that you have completed and understand the policies and procedures set forth in the Market Maker Orientation by signing the last page of the PowerPoint and returning it to Client Relationship Services.
NYSE National will review this document upon receipt, and Market Maker Registration becomes effective when the applicant receives approval notice from the NYSE National.
Next, please complete the following document:
Substantial or continued failure to engage in dealings in accordance with NYSE National rules will result in suspension or termination of Market Making status. Any registered Market Maker may withdraw registration by giving written notice to NYSE National, and the withdrawal becomes effective on the tenth business day following the NYSE National's receipt of the notice. After the withdrawal, the ETP holder shall not be permitted to re-register as a Market Maker for a period of six months.
MMATs must not be subject to statutory disqualifications.
If you already have a SFTI or a third-party extranet line and have certified your FIX/Binary application, you can request creation, modification or removal of Production Sessions by contacting our Production Support Group at the email link or phone number below. The Production Support group facilitates all production connectivity and provides support for all production sessions.
Once a trade has been executed, trade details are transmitted to the Depository Trust and Clearing Corporation (DTCC®) / National Securities Clearing Corporation (NSCC®) for clearance and settlement via their Universal Trade Capture (UTC) processing stream. All trading transactions are transmitted to DTCC / NSCC electronically in real time matching the details of the trades from both the buyer and the seller into one deal record. These transactions are considered "locked in" executions.
Clearing firms must become NYSE National Equity Trading Permit (ETP) holders to obtain direct access to NYSE National and clear trades on behalf of exchange participants and be setup to participate on the NYSE National RIO. Firms that are not self-clearing must have their NYSE National clearing firm provide a Clearing Letter of Consent to the CRS / Membership acknowledging and accepting the financial responsibility for all of their correspondent’s transactions. To direct orders to NYSE National, clearing firms must complete additional membership agreements.