The Securities Exchange Act of 1934 provides that securities listed on any national securities exchange may be traded by other such exchanges on the basis of unlisted trading privileges (UTP).
The NYSE will provide unique benefits in ETF trading through market making, state-of-the-art information and execution platforms of Network NYSE SM, a competitive pricing model and a dedicated customer service help desk.
Under a modified fee schedule for the UTP ETFs, the NYSE will not charge transaction fees to any constituent for the first three months of trading. Specialist firms will also waive commissions during this period. After three months, customer agency trades are expected to remain free of Exchange transaction charges, while member-firm proprietary trades and specialists are expected to be subject to competitive Exchange fees.
Specialist firm Spear, Leeds & Kellogg will be responsible for making a market in QQQ, and Bear Hunter Structured Products Trading for SPY and DIA.
