NYSE American Updates Rules for Fairer Auction Pricing
Published Date: 8/22/2025
Notice
Summary
NYSE American is updating how it calculates auction prices to better match real market moves during opening, halts, and closing auctions. This change helps traders see clearer, fairer prices when buying or selling stocks on the Exchange. The new rule kicks in after the SEC reviews comments, aiming for smoother, more transparent trading without extra costs.
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Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Opening-auction reference price update
The Exchange will change how the Auction Reference Price is calculated for the Core Open Auction in Rule 7.35E. The new calculation will first consider the price of the last consolidated trade of at least one round lot on that trading day, then the midpoint of the Auction NBBO (or locked price), and if none, the prior trading day's Official Closing Price for the initial calculation; for subsequent calculations when there is no Auction NBBO the most recently calculated Auction Reference Price will be used. The change is intended to make opening auction prices reflect more recent trading activity.
Exclude early/late TRF trades from auction pricing
Auction Reference Price calculations for the Core Open Auction, Closing Auction, and Trading Halt Auction will exclude trades reported on Trade Reporting Facilities during the Early Trading Session or Late Trading Session. The Exchange says these TRF trades may not reflect the actual market in a security, so excluding them aims to provide a more accurate snapshot of current market activity for auctions.
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