nyse_american [PPro8 Wiki]

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====== NYSE American ======

NYSE American is the leading capital market for small cap companies within NYSE Euronext. 

[[https://www.nyse.com/markets/nyse-american| Homepage]]

Currency: US Dollar (USD)

[[https://www.nyse.com/markets/hours-calendars | Holidays and Trading Hours]]

==== Order Types ====

**Note:** not all order types are available for every gateway.

  * Inside Limit Buy/Sell→ShortSell (Day)
  * Limit Buy/Sell→ShortSell (Day/FOK/IOC)
  * Limit-on-Close (LOC) & Limit-on-Open (LOO) Buy/Sell→ShortSell
  * Market Buy/Sell→ShortSell (Day/FOK)
  * Market-on-Close (MOC) & Market-on-Open (MOO) Buy/Sell→ShortSell
  * Pegged Midpoint/Market/Primary Buy/Sell→ShortSell (Day)
  * Reserve Limit Buy/Sell→ShortSell (Day)
  * Stop Limit Buy/Sell→ShortSell (Day)

==== Basic Market Rules ====

  * [[ https://www.nyse.com/publicdocs/nyse/regulation/nyse/NYSE_Rules.pdf| Lot Size]]: 100 shares. See NYSE American Rule 55.
  * [[ https://www.nyse.com/publicdocs/nyse/regulation/nyse/NYSE_Rules.pdf| Tick Size]]: less than $1.00, 0.0001; $1.00 or greater, 0.01. See NYSE American Rule 62.
  * [[ https://www.nyse.com/markets/nyse/trading-info#mwcb | Circuit Breakers]]: between 9:45 am and 3:35 pm, or in the case of an early close, 25 minutes before the closing of trading, if the price of a security moved by a percentage specified below within a five-minute period, trading in that security shall immediately pause on the exchange for a period of 5 minutes:
    * a) 10% or more with respect to securities included in the S&P 500 Index, Russell 1000 Index, and the Invesco PowerShares QQQ exchange traded fund; 
    * b) 30% or more with respect to all Tier 2 NMS Stocks with a price equal to or greater than $1; and
    * c) 50% or more with respect to all Tier 2 NMS Stocks with a price less than $1.

The determination that the price of a stock is equal to or greater than $1 in b), or less than $1 in c), shall be based on the closing price on the previous trading day, or, if no closing price exists, the last sale reported to the Consolidated Tape on the previous trading day. See Rule 80C.

  * [[ http://wallstreet.cch.com/American/Rules/ | Short Sale Rules]]: short selling is allowed but must be declared in the order. See Rule 440B.

For more information, see the [[https://www.nyse.com/regulation/nyse-american/rules-and-interpretations | Rules and Interpretations]] page.

==== Auction Mechanisms ====

===Open Timeline===

**7:30 am**
  * CCG (Common Customer Gateway) opens for order entry
  * Only NYSE and NYSE American-listed names can participate in the opening auction
  * Orders can be entered and cancelled until the security is opened by the DMM (Designated Market Maker), even if order entry or cancellation occurs after 9:30 am
  * The NYSE Auction Process allows for all stocks, particularly IPOs or Listed Companies with news announcements, to open later than 9:30 am to ensure accurate pricing

**8:30 am – 9:00 am**
  * Imbalance and Paired-off information is disseminated every 5 minutes for each security

**9:00 am – 9:20 am**
  * Imbalance and Paired-off information is disseminated every 1 minute for each security

**9:20 am – 9:35 am** or **Open of each security** whichever occurs first
  * Imbalance and Paired-off information is disseminated every 15 seconds for each security
  * Beginning at 9:28 am, Indicative Opening Price information is added to the Imbalance and Paired-off data

**9:30 am**
  * DMMs (Designated Market Makers) begin to open each security
  * Securities that meet predetermined parameters may be opened automatically
  * Securities without crossing interest will automatically post an opening quote

===Closing Order Types===

**Market on Close (MOC)**
  * Can be entered until 3:50 pm
  * After 3:50 pm, can be entered only on the contraside of a Regulatory (123C) Public Imbalance until 4:00 pm

**Limit on Close (LOC)**
  * Can be entered until 3:50 pm
  * After 3:50 pm, can be entered only on the contraside of a Regulatory (123C) Public Imbalance until 4:00 pm

**Closing Offset Order (CO)**
  * Limit Order Only
  * No validation against any imbalance publication (any size, price, or side allowed)
  * Yields to all other interest in closing auction with the exception of at priced G-Orders
  * Allocation to CO orders based on time priority against other COs
  * Follows same cancellation rules as MOC/LOC
  * Executes only against the opposite side of an imbalance; never adds to an imbalance
  * Can only better the closing price
  * Can be used to offset any imbalance that exists before the closing print

===Closing Timeline===

**3:00 pm**
  * Initial broadcast of imbalance information

**3:50 pm**
  * Freeze period begins

**4:00 pm**
  * Auction run/closing price disseminated

===== Financial News/Research =====

  * [[ https://www.cnbc.com/markets/ | CNBC ]]
  * [[ http://finviz.com/screener.ashx | Finviz ]]
  * [[ https://www.google.com/finance/ | Google Finance ]]
  * [[ http://www.marketwatch.com/tools/stockresearch/screener/ | MarketWatch ]]
  * [[ http://screener.finance.yahoo.com/stocks.html | Yahoo! Finance ]]

===== See Also =====

  * [[market_guides|Market Guides]]