- Oct
- 23
- 2008
- 2:43 PM
NYSE Arca Options Expands Free Auction Trading In Penny Pilot Issues
- By: Amy Farnstrom
- File Under: NYSE Arca, Options
Calling all options people, calling all options people--yes that means you! Have I got some great news for you...have you heard that you can trade for FREE on NYSE Arca Options in any penny pilot issue if you enter an order prior to the open that is marketable for the auction, even if it doesn't trade during the auction!? It's true! Here's how it works...
On 13 October, NYSE Arca Options expanded our free auction trading in penny pilot issues to include any orders received prior to auction and were marketable for auction but traded as part of an auction imbalance during sweep.
Now you can be assured that if you send an order to us prior to the auction that is priced at or better than the opening auction price, your order will trade for free, NO take fees! Wow! It's like having your own personal virtual broker watching out for you!
For example, if an auction occurs at $1.20, and you have entered an order to pay $1.20 or greater, or a sell order priced at $1.20 or less, and these orders do not participate in the auction but trade as part of an auction imbalance during sweep, you will trade for free.
Just remember, if you cancel/replace your order once the auction has occurred, you won't get the free trade. You can rest easy though, because NYSE Arca also has an awesome collar price protection mechanism during sweep that protects even market order imbalances from trading at wide prices while keeping your order in price time priority as the market moves.
If you haven't checked out the auction yet, now is the time to do it! If you already love the auction/sweep process for its speed and price protection, it just got even better! On NYSE Arca Options, the early bird gets to trade FREE.
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