SEC Takes Extra Time to Ponder Auction Order Trade Prevention Tweaks
Published Date: 5/13/2025
Notice
Summary
Cboe BYX Exchange wants to update its rules so traders can use a special tool called Match Trade Prevention when placing Periodic Auction Orders. This change helps avoid accidental trades and explains how orders behave during auctions. The SEC is taking extra time to review this, so no decisions will happen before mid-May 2025.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Allow Match Trade Prevention on Auction Orders
If you place orders on the Cboe BYX Exchange, you would be allowed to use the exchange's Match Trade Prevention (MTP) feature when entering Periodic Auction Orders for execution. The exchange filed this proposed change on March 14, 2025 and it was published for comment on March 31, 2025; the SEC set June 29, 2025 as the deadline to act on the proposal.
Clarified Order Handling During Auctions
The proposed rule adds text explaining how the exchange system will handle Periodic Auction Orders with MTP instructions in three scenarios: when a Periodic Auction is not in progress, when a Periodic Auction is in progress, and when an order has both an MTP instruction and a Minimum Quantity instruction while an auction is in progress. These clarifications describe how such orders will behave or be processed during auctions.
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