NYSE Order Types

Download a PDF version of NYSE and NYSE MKT order types 

Order Type Description Eligible Session Available Use By

Auto Ex Order

An auto ex order is an order in a security that initiates an automatic execution immediately upon entry into Exchange systems.
 

Opening, Regular, Closing

Member Firms, Floor Brokers, DMMs

Closing Offset Order or "CO" Order

Closing Offset order provides liquidity to offset imbalances at the Close and executes at the closing price.  CO orders yield to allother interest.

Closing

Member Firms, Floor Brokers

Day Order

An order to buy or sell which, if not executed, expires at the end of the 9:30 a.m. to 4:00 p.m. trading session on the day on which it was entered.

Opening, Regular,

Member Firms, Floor Brokers, DMMs

Discretionary Instructions for Bids and Offers Represented via Floor Broker Agency Interest Files (e-Quotes SM) - Discretionary e-Quotes or "d-Quotes"

An e-Quote with trading parameters that allow brokers to display interest at or outside the quote, and at the same time, have the opportunity to trade with opposite-side incoming interest.

Opening, Regular, Closing

Floor Brokers

DMM Trading Interest

 An electronic representation of DMM's trading interest, which can be entered into Display Book manually through the DMM API or through Trading Functions.      

 

Opening, Regular, Closing

DMMs

Do Not Reduce or "DNR" Order

A limit order to buy or a stop order to sell which is not to be reduced by the amount of an ordinary cash dividend on the ex-dividend date.

Opening, Regular, Closing

 Member Firms, Floor Brokers, DMMs

Do Not Ship or "DNS" Order

A limit order that is to be executed in whole or in part by the NYSE only.

 

Opening, Regular, Closing

Member Firms, Floor Brokers, DMMs

Do Not Increase or "DNI" Order

A limited order to buy or a stop order to sell which is not to be increased in shares on the ex-date as a result of a stock dividend or stock distribution.

Opening, Regular, Closing

Member Firms

Floor Broker Interest - e-Quotes

Bids and offers entered via hand-held devices at various prices while in the crowd.

Opening, Regular, Closing

Floor Brokers

Immediate or Cancel or "IOC" Order

Regulation NMS-compliant IOC Order: A market or limited price order designated immediate or cancel that will be automatically executed against the displayed quotation up to its full size and sweep the Display Book® system, to the extent possible without being routed elsewhere for execution, and the portion not executed will be immediately cancelled.

Opening, Regular

Member Firms, Floor Brokers, DMMs

MTS – IOC Order

Any IOC order, including an intermarket sweep order, may include a minimum trade size (MTS) instruction. For each incoming IOC-MTS order, Exchange systems will evaluate whether contra-side displayable and non-displayable interest on Exchange systems can meet the MTS and will reject such incoming IOC-MTS order if Exchange contra-side volume cannot meet the MTS. An NYSE IOC order with an MTS may result in an execution in an away market. The Exchange will reject any IOC-MTS orders if the security is not open for trading, or if auto-execution is suspended.

Regular

Member Firms, Floor Brokers, DMMs

NYSE IOC Order

A market or limited price order designated immediate or cancel that will be automatically executed against the displayed quotation up to its full size and sweep the Display Book® system,  to the extent possible, with portions of the order routed to other markets if necessary in compliance with Regulation NMS and the portion not  executed will be immediately cancelled.

Opening, Regular

Member Firms, Floor Brokers, DMMs

Intermarket Sweep Order
(ISO)

An immediate or cancel limit order that trades at the NYSE only and may trade through another market center’s protected quotation. When sending an Intermarket Sweep Order, the sender fulfills Reg. NMS order-protection obligations and NYSE Rules by concurrently sending orders to market centers with better prices.

Regular

Member Firms

Limit "At-The-Close" (LOC) Orders

An LOC order is a limit order in a security that is entered for execution at the closing price of the security on the Exchange provided that the closing price is at or within the specified limit.

Closing

Member Firms, Floor Brokers, DMMs

Limit "On-the-Open" (LOO) Orders

A LOO order is a limit order in a security that is to be executed on the opening or reopening trade of the security on the Exchange.

Opening and Reopening’s

Member Firms, Floor Brokers, DMMs

Limit, Limited Order or Limited Price Order     

An order to buy or sell a stated amount of a security at a specified price, or at a better price, if obtainable, after the order is represented in the Trading Crowd.

Opening, Regular, Closing

Member Firms, Floor Brokers, DMMs

Market Order

 

An order to buy or sell a stated amount of a security at the most advantageous price obtainable after the order is represented in the Trading Crowd or routed to the Display Book®.

Opening, Regular, Closing

Member Firms, Floor Brokers, DMMs

Market "At-The-Close" (MOC) Orders

An MOC order is a market order in a security that, by its terms, is to be executed in its entirety at the closing price. If not executed due to tick restrictions or a trading halt the order will be cancelled.

Closing

Member Firms, Floor Brokers

Market "On-the-Open" (MOO) Orders

A MOO order is a market order in a security that is to be executed in its entirety on the opening or reopening trade of the security on the Exchange.

Opening and Reopening’s

Member Firms, Floor Brokers

Mid-Point Passive Liquidity Order (MPL)

An undisplayed limit order that will provide price improvement by executing at the mid-point of the protected BBO. Modifiers such as Add Liquidity Only (ALO), Minimum Trade, Immediate or Cancel, and Minimum Trigger Value (MTS) can be added to this order type

Regular

Member Firms, Floor Brokers, DMMs

Pegging Interest

A Pegging interest order is either displayable or non-displayable interest to buy or sell at a price set to track the best protected bid ("PBB") or the best protected offer ("PBO") (collectively, the "PBBO") as the PBBO changes.

Opening, Regular, Closing

Floor Brokers,

Retail Price Improvement

A non-displayed limit order that is better priced than the protected best bid/offer (PBBO) and provides price improvement only on incoming retail take order flow.

Regular

Member Firms, Floor Brokers, DMMs

Retail Order Designation

1) Type 1. A Type 1-designated Retail Order will interact only with available contra-side Retail Price Improvement Orders and will not interact with other available contra-side interest in Exchange systems or route to other markets. The portion of a Type 1-designated Retail Order that does not execute against contra-side Retail Price Improvement Orders will be immediately and automatically cancelled
2) Type 2. A Type 2-designated Retail Order will interact first with available contra-side Retail Price Improvement Orders and any remaining portion of the Retail Order will be executed as a Regulation NMS-compliant Immediate or Cancel Order pursuant to Rule 13.
(3) Type 3. A Type 3-designated Retail Order will interact first with available contra-side Retail Price Improvement Orders and any remaining portion of the Retail Order will be executed as an NYSE Immediate or Cancel Order pursuant to Rule 13.

Regular

Member Firms

Reserve Order Types  Minimum Display Reserve Order

A limit order with a minimum published amount of 100 shares that replenishes at the minimum or at a different amount set by the user after each execution

Opening, Regular, Closing

Member Firms, Floor Brokers, DMMs

Non Displayed Reserve Order

A limit order with zero published quantity that is not  displayed to the DMM or in NYSE OpenBook
This order type does not participate in manual, floor based trades, including the opening and closing trades, but does participate in all electronic executions. All dark reserve orders entered prior to the open receive an unsolicited cancel

Regular

Member Firms, Floor Brokers, DMMs

Self-Trade Prevention

An incoming order designated with an STP modifier will be prevented from executing against a resting opposite-side order also designated with an STP modifier with the same market participant identifier ("MPID").

Regular

Member Firms, Floor Brokers

Sell "Plus"—Buy "Minus" Order

An order to sell "plus" is an order to sell a stated amount of a stock provided that the price to be obtained is not lower than the last sale if the last sale was a "plus" or "zero plus" tick, and is not lower than the last sale plus the minimum fractional change in the stock if the last sale was a "minus" or "zero minus" tick.  An order to buy "minus" is an order to buy a stated amount of a stock provided that the price to be obtained is not higher than the last sale if the last sale was a "minus" or "zero minus" tick, and is not higher than the last sale minus the minimum fractional change in the stock if the last sale was a "plus" or "zero plus" tick.

Opening, Regular, Closing

Member Firms, Floor Brokers

Sell Short Order

A limit or market order to sell a security not owned by the seller.

Opening, Regular, Closing

Member Firms, Floor Brokers, DMMs

Sell Short Exempt Order

A limit or market order to sell a security not owner by the seller, but that is exempt from short sale restrictions.

Opening, Regular, Closing

Member Firms, Floor Brokers, DMMs

Stop Order

An order to buy or sell at the market price triggered once a security has traded at a stop price set by the customer.

Opening, Regular

Member Firms, Floor Brokers

       

*DMM=Designated Market Maker

 

For additional information or questions, please contact your Relationship Manager or one of the contacts below:

Robert Airo
rairo@nyx.com
212.656.5663

Michael Paulyson
mpaulyson@nyx.com
212.656.2721

Customer Support

For NYSE and NYSE MKT Floor Trading Support (DOT Services):
nysedotservices@nyx.com
(866) 368-3375

Technical and Connectivity Support
For customer connectivity to NYSE client customer gateways and testing support:
connectivity@nyx.com
(212) 383-4110

Hours of Operation

Core Trading Session
Trading hours at the New York Stock Exchange are Monday through Friday 9:30a.m. To 4:00 p.m. ET.

Crossing Session
For NYSE and NYSE MKT equity trading license holders, the Exchange offers a crossing session for two sided program trades through its Electronic Filing Platform (EFP).

  Time of Operations Functionality
Crossing Session 4:00 - 6:30 p.m. 4:00 - 6:30 p.m.

On the dates the Trading Floor will close at 1:00 p.m., crossing session order entry will begin at 1:00 p.m. for continuous executions until 1:30 p.m.

For additional information or questions, please contact your Relationship Manager or one of the contacts below:

Robert Airo rairo@nyx.com 212.656.5663

Michael Paulyson mpaulyson@nyx.com 212.656.2721

Customer Support

For NYSE and NYSE MKT Floor Trading Support (DOT Services):

Email: nysedotservices@nyx.com Phone: 1-866-368-3375

Technical and Connectivity Support

For customer connectivity to NYSE client customer gateways and testing support: Email: connectivity@nyx.com

Phone: 1-212-383-4110

Hours of Operation

Core Trading Session

Trading hours at the New York Stock Exchange are Monday through Friday 9:30a.m. To 4:00 p.m. ET.

Crossing Session

For NYSE and NYSE MKT equity trading license holders, the Exchange offers a crossing session for two sided program trades through its Electronic Filing Platform (EFP).

                             Time of Operations   Functionality

Crossing Session   4:00 - 6:30 p.m.      4:00 - 6:30 p.m.

On the dates the Trading Floor will close at 1:00 p.m., crossing session order entry will begin at 1:00 p.m. for continuous executions until 1:30 p.m.