NYSE Arca, Inc. - Retail Member Organization Application
Instructions: The completion of this application is required in order for your Firm to participate in the NYSE Arca Retail Liquidity Program
(“RLP”) as a Retail Member Organization (“RMO”), to establish connectivity between NYSE Arca and your Firm, and to ensure that only
employees of your Firm have access to NYSE Arca facilities and systems using your Firm’s connection. To qualify as an RMO, an ETP Holder
must conduct a retail business or route retail orders on behalf of another broker-dealer. For purposes of this program, conducting a retail
business includes carrying retail customer accounts on a fully disclosed basis.
A “Retail Order” is an agency order that originates from a natural person and is submitted to NYSE Arca by an RMO, 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
Please note: If an RMO uses an algorithm to determine to send an existing Retail Order into the NYSE Arca RLP program, such order is
acceptable to the program and is not deemed to have originated from a trading algorithm strictly as a result of the brokerage firm’s algorithm,
provided that the RMO assures that the Retail Order meets the underlying rule 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 RMO from ensuring a better execution experience for the retail customer,
such as by adding a limit to a Retail Order.
An RMO may submit Retail Orders in a riskless principal capacity as well as an agency capacity, provided that (i) the entry of such riskless
principal orders meets the requirements of FINRA Rule 5320.03, including that the RMO maintains supervisory systems to reconstruct, in a
time-sequenced manner, all Retail Orders are entered on a riskless principal basis; and (ii) the RMO does not include non-retail orders
together with the Retail Orders as part of the riskless principal transaction.
See NYSE Arca Rule 7.44-E for a full definition of terms and requirements of the RLP program.
1. Customer Information
Name of Member Firm (“Applicant”)
2. Business and Technology Questions
Does your firm currently send orders to the Exchange using multiple MPIDs?
Please identify all MPIDs that will be used to submit Retail Orders.
As an NYSE Arca Member Organization, do you currently have connectivity to the Exchange?
Is this connection utilized for order routing, receiving market data or both?
Receiving market data
Is this connection enabled to designate Retail Orders by entering the value “RET” in
Fix Tag 57, or the Binary field: SenderSubID.
If you are using a Service Bureau (e.g., Order Management System “OMS”) for NYSE Arca
connectivity, please provide the name of the technology provider.
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. That document should be kept for your files, and is not required to be submitted to the NYSE Arca
exchange unless requested.