Cboe Speeds Up Closing Auctions with New Order Cutoffs
Published Date: 5/9/2025
Notice
Summary
Cboe BZX Exchange is tweaking its closing auction rules to make trading smoother and clearer. Market-On-Close orders will now lock in earlier at 3:55 p.m., and some order changes will have new cut-off times. Plus, the Exchange will share closing auction info more often, helping traders stay in the know without missing a beat.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Closing Auction Data Every Second
Cboe BZX will continue publishing Closing Auction information every five seconds from 3:00 p.m. to 3:59 p.m., but will increase dissemination to every one second from 3:59 p.m. to 4:00 p.m. This provides more frequent Reference Price, Indicative Price, Auction Only Price, and reference buy/sell share information in the final minute before the close.
Market-On-Close Cutoff Moved Earlier
If you submit Market-On-Close (MOC) orders on Cboe BZX, the Exchange will reject any new MOC orders after 3:55 p.m. Eastern Time (previously 3:59 p.m.). That means you must send MOC orders to BZX by 3:55 p.m. on any trading day to participate in the Closing Auction.
Late Order Modifications Restricted
On Cboe BZX, MOC orders may not be modified or cancelled after 3:55 p.m. Eastern Time, and LOC and LLOC orders may not be modified or cancelled after 3:59 p.m. Eastern Time. These modification/cancellation cutoffs apply on each trading day ahead of the Closing Auction.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in