New York Stock Exchange
The New York Stock Exchange (NYSE), also known as the 'Big Board', is one of the primary equity markets in the United States. Founded in 1817, it has long been an icon of capitalism. Over the years, NYSE has merged with other exchanges globally and is now a flagship exchange in the NYSEEuronext group.
Homepage
Currency: US Dollar (USD)
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/Short 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
Lot Size: 100 shares.
Tick Size: varies by price and security.
Short Sale Rules: naked short sales are prohibited, a locate must be obtained prior to executing a short sell.
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Auction Mechanisms
Open
NYSE book pre-opening session runs from 06:05 - 09:30 During this session, orders can be entered and cancelled. NYSE will not match orders, orders will be queued for the opening auction at 09:30, however other ATS such as NSDQ, ARCA and EDGX will match orders on basic route instruction and order types. At the open (09:30), all matching orders are executed at a single opening match price, with the remaining orders left on the continuous limit order book.
The closing price is defined by the following closing auction mechanism.
Close
Auction means an auction conducted in a trading platform with respect to qualifying orders to determine the auction price pursuant to the following process and priority:
a) If there is no order imbalance, orders will be executed in the Closing Auction at the Indicative Match price as of 16:00. The indicative match price will be the price at which the maximum number of shares in the total imbalance can execute;
b) If there are multiple prices at which the total imbalance can equally execute, the indicative price will be based on the price closest to the last sale;
c) If the price closest to the last sale would trade through the ArcaBook, the indicative match price will be the best price available where no trade through occurs.
If an imbalance exists, or if equilibrium exists between buy MOC orders and sell MOC orders and an Indicative Match Price doesn’t exist, as many Buy MOC orders and Sell MOC orders as possible shall be matched on a time-priority basis:
a) At the midpoint of the NBBO at 16:00, provided the NBBO of the market centers that are still open is not locked or crossed;
b) At the locked price if the NBBO is locked at 16:00;
c) At the bid (offer) side of the BBO which is crossed with the NBBO, if the NBBO is crossed at 16:00 and NYSE Arca is a party to the crossed market;
d) At the last sale during regular market hours as determined by the consolidated tape, if the NBBO is crossed at 16:00 and NYSE Arca is not a party to the crossed market.
Auction Periods
The following periods affect order entry for participation in the auctions. There is continuous trading from 09:30 - 16:00, during which time regular (non-imbalance) orders will be matched.
2:00 PM
3:50 PM
Cutoff for MOC and LOC order entry, modification, and cancellation (except for legitimate error)
Imbalance dissemination begins
After 3:50 p.m., MOC/LOC orders can be entered only on the contra-side of a MOC/LOC Regulatory Imbalance until 4:00 p.m.（ It is specific for NYSE native close auction orders, while floor broker orders have their own rules.）
3:55 PM
3:58 PM
3:59:50 PM
4:00 PM
Order Types: Limit-on-Close and Market-On-Close orders are eligible to participate in the Closing Auction.
Financial News/Research
See Also