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.
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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Previous: 2025-16069 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change To Amend Rule 7.35-E
NYSE Arca is updating how it calculates auction prices to better match real market moves during opening, halt, and closing auctions. This change helps traders see clearer, fairer prices when buying or selling stocks on the Exchange. The update kicks in soon and aims to boost transparency without adding extra costs.
Next: 2025-16071 — Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change of Amendments to Rule 7.35A and Rule 7.35C
The New York Stock Exchange (NYSE) wants to update how it calculates prices during special opening and trading pause auctions. These changes affect traders and market makers by making price setting fairer and clearer. The new rules could start soon after public feedback, aiming to keep the market smooth without extra costs.