NYSE Texas Refines Auction Math for Clearer Market Prices
Published Date: 8/21/2025
Notice
Summary
NYSE Texas 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 and approves it, aiming for smoother, more transparent trading without extra costs.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Auctions use last consolidated trade
The Exchange will calculate the Auction Reference Price for the Core Open Auction by first considering the price of the last consolidated trade of at least one round lot of that trading day. This same ‘‘price of the last consolidated trade of at least one round lot’’ formulation is proposed to be used for the Closing Auction and Trading Halt Auction to improve consistency and reflect more recent trading activity.
Initial vs subsequent reference price rule
For the Core Open Auction the Exchange will distinguish an initial Auction Reference Price calculation from subsequent calculations: the initial calculation uses the prior trading day's Official Closing Price if there is no Auction NBBO, while subsequent calculations will use the most recently calculated Auction Reference Price. Each calculation will be based on the evaluation of the period since the last calculation so that the midpoint of the Auction NBBO (or other fallback) is used if there was no consolidated trade of at least one round lot in that period.
Exclude early/late TRF trades from references
Auction Reference Price calculations for the Core Open Auction, Closing Auction, and Trading Halt Auction would exclude trades reported on Trade Reporting Facilities during the Early Trading Session or Late Trading Session. The Exchange says excluding those trades will provide a more accurate snapshot of the current market for auction reference purposes.
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