NYSE Arca, Inc. (NYSE Arca) filed with the Securities and Exchange Commission a proposed rule change to amend its Rule 6.62 to (i) offer the “WAIT” order modifier for use with orders entered into the NYSE Arca System; (ii) allow the use of attributable orders; and (iii) offer PNP Plus Orders.
The WAIT modifier will instruct the System to wait precisely one second from the time of order entry before processing the order in accordance with the other instructions attached to that order. Attributable orders allow users to voluntarily display their firm IDs on the orders. A PNP Order is an order entered into the NYSE Arca System for execution on NYSE Arca, but not for routing to away markets. Because of the condition to not route PNP Orders, they are cancelled if they would otherwise lock or cross the national best bid and offer. Generally, the new proposed PNP Plus Order would include functionality that would cause the order to be re-priced and re-ranked with each change in the national best bid and offer.