NYSE Arca Files Immediate Retail Order Fee Amendment
The amendment to NYSE Arca's fee schedule takes effect Sep. 1, 2026, affecting retail orders routed by ETP holders.
On September 1, 2026, NYSE Arca, Inc. filed with the SEC a proposed rule change (Release No. 34-106346; File No. SR-NYSEARCA-2026-91) to amend its Equities Fees and Charges. The SEC published the filing on September 14, 2026 (FR Doc No. 2026-19037) and designated the amendment as immediately effective.
The amendment reinstates the 'time-in-force of Day' modifier for retail orders that are executed against another retail order sharing the same MPID, a condition that was removed in October 2025. It also clarifies that Mid-Point Liquidity (MPL) orders and Discretionary Pegged Orders (DPO) submitted with a retail modifier are excluded from the fee that applies to day-time-force retail orders that remove liquidity.
The Exchange states the change is intended to encourage electronic trading platform (ETP) holders to route retail order flow to NYSE Arca by restoring fee credits for qualifying orders and by providing a clearer fee structure for MPL and DPO orders.
NYSE Arca currently operates with less than 15% market share of executed equity volume and competes with 17 other exchange venues and numerous off-exchange platforms for retail order flow. The fee amendment is positioned as a competitive response to the fragmented market environment described in Regulation NMS.
The Commission is soliciting comments on the proposal; comments may be submitted in accordance with the procedures outlined in the filing, which is available on the Exchange's website and at its principal office.
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