April 23, 2024


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Regulatory Services Agreement at PATH

Support to Effective Regulatory Systems for Procurement and Supply  Management of Health products

A Regulatory Services Agreement exists between the Exchange and the Financial Industry Regulatory Authority, Inc., in which FINRA has approved to conduct such regulatory functions on the Exchange’s behalf. Exchange rules that apply to exchange work or exchange sections should be interpreted to include FINRA staff and FINRA departments working on behalf of the Exchange following the RSA, as applicable. Even though the Exchange has signed an RSA with FINRA to have FINRA handle certain of the Exchange’s functions, the Exchange retains ultimate legal responsibility and control over those functions. The rules 1P through 13P apply to securities traded on the Pillar trading platform. When securities are trading on the Pillar trading platform, the Exchange will announce it via Trader Update.

The Exchange’s rules at NYSE PATH at https://www.webull.com/quote/nyse-path are 5P and 8P and similar concepts in Rule 1P apply to the listing and trading of securities. Unless the context demands otherwise, the words below will have the following meanings in Exchange rules:

Trader with Authorization

An individual who may send orders to the Exchange on behalf of his or her member organization is referred to as an “Authorized Trader” or “AT.”

Market at a Distance

Any exchange, alternative trading system (“ATS”), or other broker dealers with which the Exchange maintains an electronic connection and (2) provides immediate answers to orders routed from the exchange is referred to as an “Away Market.” The Exchange will nominate those ATSs or other broker suppliers that qualify as away markets from time to time.


The word “BBO” refers to the Exchange’s best bid or deal. The terms “BB” and “BO” refer to the best bid and best offer on the Exchange, respectively.

Trading Hours in the Core

The term “Core Trading Hours” refers to the hours between 9:30 a.m. and 4:00 p.m. Eastern Time, or any other hours as the altercation may specify from time to time. In the Pillar Platform Rules, all times are in Eastern Time.

DMM unit and Designated Market Maker 

An individual member, partner, officer employee, or associated person of a DMM unit who the Exchange authorizes to function in the capacity of a DMM is referred to as a “Designated Market Maker” or “DMM.” A member organization or a unit within a member organization that has met the criteria of Rules 104 and 98 is referred to as a DMM unit.

Direct Syndication

A protection that is classified under Footnote (E) to Section 102.01B of the Listed Company Manual as a “Selling Shareholder Direct Floor Listing” or a “Primary Direct Floor Listing” is referred to as a “Direct Listing.”

Regular Trading Hours and an Effective National Market System Plan

“Effective national market system scheme” and “daily trading hours” have the definitions outlined in Rule 600(b) of Regulation NMS under the Securities Exchange Act of 1934 for Rule 7.  There are many other stocks such as nyse et which you can check at https://www.webull.com/quote/nyse-et