Cboe Proposes Auction Solicitation Rules for Market-Makers
Published Date: 12/22/2025
Notice
Summary
Cboe Exchange wants to update its rules so market-makers with appointments in any class can join special auctions called Simple AIM, Simple SAM, FLEX AIM, or FLEX SAM when matching orders. This change helps market-makers get more chances to trade and could make auctions more competitive and efficient. The proposal was filed in December 2025 and is now open for public comments before any money or timing impacts take effect.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Market‑Makers May Be Solicited in Auctions
Cboe proposes to change Rules 5.37, 5.39, 5.73, and 5.74 so that orders for the accounts of Market‑Makers with an appointment in the applicable class may be solicited as the initiating contra order in simple AIM, simple SAM, FLEX AIM, and FLEX SAM auctions in all classes. The filing was submitted December 9, 2025 and published December 22, 2025; public comments are due January 12, 2026.
Potential More Price Improvement for Small Customers
If you trade options, Cboe's proposal could expose more small customer orders to potential price improvement in simple AIM, simple SAM, FLEX AIM, and FLEX SAM auctions by allowing appointed Market‑Makers in all classes to be solicited. The Exchange cites January–June 2025 data showing about 57% of smaller (20 or fewer contracts) customer orders executed in open outcry against a Market‑Maker in multi‑list classes and about 93% executed electronically against a Market‑Maker; there are 24 distinct TPHs with multi‑list appointments and 18 with VIX appointments.
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