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NYSE Arca Introduces PO Plus

Cheapest Routing for NYSE listed trading on Wallstreet


On Monday, September 29, NYSE Arca will launch the Primary Only Plus (PO+) Order type in the NYSE Arca Equities Market, pending SEC approval. The PO+ order type allows users to send a directed order for immediate routing to the primary, listing exchange, without first sweeping the NYSE Arca Order Book. PO+ orders are eligible for entry and execution throughout the primary, listing market’s eligible trading sessions.

Remove Liquidity Flat Rate of .0008/share with no route out fee.
MOC orders a Flat Rate of .0004/share with no route out fee.
Free to Add Liquidity


How to use in LASER

Using Mouse
Set route to ARCA.
Go to Trade-> Routing Strategy Arca
You have 3 choices:
1. Select PO ((Route Limit or Market orders to Specialist Only)
2. Select PO+ (Route IOC or Day orders to Specialist Only)
3. Select Nothing (Route to Arca Book ECN)

Using Hotkeys
Go to Trade-> Program Keyboard

Here notice hotkeys for Limit Buy ARCA PO+



Here notice you can select Instant Buy ARCA PO+

Using MOCS Market On Close Orders
Set route to ARCA.
Go to Trade-> Routing Strategy Arca
Select PO+ (Route IOC or Day orders to Specialist Only)
Go to Trade-> TIF -> Day

Go to Level 2 Box and select TYPE = MOC
Change Volume and click on BUY or SELL



Current Order Modifier: PO
Currently the Exchange offers the Primary Only (PO) order type, which is a market or limit
order that is routed to the primary, listing market, without sweeping the NYSE Arca Order
Book. The Exchange currently restricts PO Orders to participation in the primary, listing
market’s opening.

New Order Modifier: PO+
The new PO+ order type is an enhancement to the PO order type that allows Users to
route to the primary, listing market during all of the primary market’s eligible trading
sessions. The new PO+ order can be entered as an Immediate-or-Cancel (IOC) order, or
as a Day Order that will remain open until the order is either executed or cancelled.
Additionally, the new PO+ order type supports reserve orders.

Pricing
NASDAQ recently announced plans to alter their DOTD routing to mimic their DOTA
routing beginning on October 1. The PO+ Order will allow customers to continue to
directly route both liquidity adding and liquidity removing orders to the NYSE and thus
benefit from the NYSE's favorable price structure and liquidity.

Pending filing with the SEC, the rates for the PO+ Order will be as follows:
• Fee for removing liquidity from NYSE = $0.0008 per share
• Free to add liquidity on the NYSE
• Fee for NYSE market at-the-close and limit at-the-close orders = $0.0004 per
share
• Free to trade at NYSE Open (via PO Order only)
• PO+ volume will count toward the ADV calculation for NYSE Arca tiers even
though shares do not attempt to execute against NYSE Arca
• Basic rates apply for removing liquidity from all other away market centers,
excluding NYSE

FIX Liquidity Tags
An executed PO+ order becomes either Liquidity Adding or Liquidity Reducing, and
marked as shown below. NYSE Arca customers who intend on using the upcoming PO+
designation for Primary Only (PO) Orders will need to verify that their FIX liquidity values
(Tag – 9730) match the following tag values:

Executions on NYSE Arca
A = Liquidity Adding
B = Liquidity Adding while the order was not displayed
R = Liquidity Reducing
O = Liquidity Neutral – Orders executed in an auction

Routed Orders
X = Routed to another venue
F = Routed to NYSE where the order was liquidity adding at NYSE
N = Routed to NYSE where the order was liquidity taking at NYSE
C = Routed to NYSE where the order participated in the opening or re-opening

PO Plus FIX Tags (Also available for ArcaDirect clients using the fields indicated below)

IOC PO+
Tag 76 (ExecBroker) = PO+
Tag 59 (timeinforce) = 3 (IOC)

Day PO +
Tag 76 (ExecBroker) = PO+
Tag 59 (timeinforce) = 0 (DAY)

PNP ISO PO+ (for posting on NYSE)*
Tag 76 (ExecBroker) = PO+
Tag 59 (timeinforce) = 0 (Day)
Tag 18 (execinst) = f 6

*ArcaDirect users send ExecInst=6, ISO=Y, and ExtendedExecInst=8
• Market Orders are eligible for routing from the primary to other market centers
• Limit Orders default to not routing, Do Not Ship (DNS), from the primary to third
party destinations

PO+ with Reserve
Tag 76 (ExecBroker) = PO+
Tag 59 (timeinforce) = 0 (Day)
Tag 111 (maxfloor) = display qty

 

 

 

 

 

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