NYSE Proposes Changes to Opening Auction Price Calculations
Published Date: 8/22/2025
Notice
Summary
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.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Dynamic Auction Reference Prices
If you own stocks or trade on the NYSE, the Exchange will replace the old static benchmark with a new “Opening Reference Price” and “Trading Halt Reference Price.” The Opening Reference Price will use the price of the last consolidated trade of at least one round lot, or if none, the midpoint of the Auction NBBO (or the locked price), and if no Auction NBBO initially, the prior trading day's Official Closing Price; calculations will exclude Trade Reporting Facility trades during the Early Trading Session or Late Trading Session.
New Benchmarks for Price Disparity and Imbalances
If you trade or invest in NYSE-listed securities, the Opening Reference Price and Trading Halt Reference Price will replace the Consolidated Last Sale/Official Closing Price in rules that decide price disparities, pre-opening indications, and Imbalance Reference Prices. The change affects where the Exchange applies existing limits — for example, rules that previously compared Core Open Auction prices against the Consolidated Last Sale Price (including the >10% disparity test) or Trading Halt Auction prices (including the >5% disparity test) will instead use the new reference prices, and the Exchange will not publish Auction Imbalance Information if there is no Opening or Trading Halt Reference Price.
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