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NYSE Arca Amends Rule 7.31-E to Cancel ALO Orders that Lock Displayed Interest

November 4th | 2020


NYSE Arca recently filed a rule change to Rule 7.31-E (Orders and Modifiers) to provide that ALO Orders that lock displayed interest would be cancelled. Currently, an arriving ALO Order with a limit price that would lock a displayed order priced equal to or below (above) the PBO (PBB) on the NYSE Arca Book will be assigned a working price and display price one minimum price variation below or above the displayed order. Day ISO ALO Orders that would lock displayed interest on the NYSE Arca Book are processed in the same manner.


The Exchange proposes to amend these rules to provide that arriving ALO and Day ISO ALO Orders with a limit price that would lock displayed interest on the NYSE Arca Book would be cancelled. The Exchange believes that cancelling ALO Orders that lock displayed interest, rather than repricing them, would provide ETP Holders with greater determinism with respect to how ALO Orders would be processed on the Exchange and enhance ETP Holders’ ability to manage order flow to suit their business needs.

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