March 2018 1
NYSE Arca Equities Retail Order Tier Form
Instructions: This form is to be completed by NYSE Arca, Inc. (the “Exchange”) ETP Holders who would like to participate in the Retail Order
A “Retail Order” is an agency order or a riskless principal order that meets the criteria of FINRA Rule 5320.03 that originates
from a natural person and is submitted to the Exchange by an ETP Holder, provided that no change is made to the terms of the
order with respect to price or side of market and the order does not originate from a trading algorithm or any other computerized
methodology. The term “natural persons” refers to the origination of the order from a request made by a human as opposed to
the generation of an order by a computer algorithm. An order from a “natural person” can include orders on behalf of accounts
that are held in a corporate legal form, such as an Individual Retirement Account, Corporation, or a Limited Liability Corporation
that has been established for the benefit of an individual or group of related family members, provided that the order is
submitted by an individual.
Please note: If an NYSE Arca ETP Holder uses an algorithm to determine to send an existing Retail Order into the NYSE Arca
Equities Retail Order Tier program, such order is eligible for the Retail Order Tier and is not deemed to have originated from a
trading algorithm strictly as a result of the brokerage firm’s algorithm, provided that the NYSE Arca ETP Holder assures that the
Retail Order meets the underlying requirements, including that the routing algorithm does not change the terms of the order with
respect to price or side of the market. Additionally, the Retail Order provision preventing changes to the terms of the order (e.g.
price or side) is not meant to prevent an NYSE Arca ETP Holder from ensuring a better execution experience for the retail
customer, such as by adding a limit to a Retail Order.
An NYSE Arca ETP Holder may submit Retail Orders in a riskless principal capacity, as well as an agency capacity, provided
that the member (1) submits a report, contemporaneously with the execution of the facilitated order, identifying the trade as
riskless principal to FINRA (or another self-regulatory organization if not required under FINRA rules); and (2) has written
policies and procedures to ensure that riskless principal transactions for which the member is relying on this exception comply
with applicable FINRA rules.
1. Customer Information
Name of NYSE Arca ETP
2. Business and Technology Questions
As an NYSE Arca ETP Member Organization, do you currently have connectivity to the
Is this connection utilized for order routing, receiving market data or both?
Receiving Market Data
ETP Holder may designate Retail Orders by entering the value “RET” in Fix Tag 57, or the Binary field: SenderSubID
If you are routing retail order flow on behalf of one or more broker-dealer customers, your firm will be required to execute a
separate document with this firm or firms. We have a Broker Dealer Customer Form that we can provide for your