NYSE Arca, Inc., a subsidiary of NYSE Euronext (NYX), today announced that NYSE Arca Options will expand its auction billing rates to include sweep trades in all penny pilot issues.
"NYSE Arca Options continues to find ways to better serve our customers with new products and services that enhance their ability to trade," said Edward Boyle, Senior Vice President, NYSE Arca Options. "As the first to offer post/take pricing in the
Currently, all auction trades in penny pilot issues are not subject to post/take pricing and therefore trade for free. In response to client requests, auction billing is being expanded to include any orders that are received prior to the auction, and are marketable for auction, but trade as part of an auction imbalance during sweep trading. For example, if an auction occurs at $1.20, and prior to auction a client has entered an order to pay $1.20 or greater, or a sell order priced at $1.20 or less, and these orders do not participate in the auction but trade during sweep, the client will receive auction billing. Contras to these orders will also receive auction billing.
For more information, including an example of how auction billing works, please visit: http://www.nyse.com/pdfs/Arca_Auction_Billing.pdf
