NYSE American Refines Auction Imbalance Math for Clarity
Published Date: 9/3/2025
Notice
Summary
NYSE American is changing how it calculates auction imbalance info by using the Auction Reference Price instead of the Indicative Match Price. This update affects traders and investors who rely on auction data to make decisions. The change is effective immediately and aims to make auction info clearer and more accurate, with no new fees involved.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Auction imbalance data now uses Auction Reference Price
NYSE American will calculate Auction Imbalance Information (including Total Imbalance, Market Imbalance, and Matched Volume in the disseminated feed) using the Auction Reference Price instead of the Indicative Match Price. The change was filed on August 26, 2025, will be implemented no later than the fourth quarter of 2025, and the Exchange says there are no new fees; Auction Imbalance Information is updated at least every second via a proprietary data feed.
Indicative Match Price set to zero when no Matched Volume
For the Auction Imbalance Information that the Exchange publishes, if there is no Matched Volume and a BBO exists, the Indicative Match Price will be set to zero in the disseminated auction data. The Exchange says this change is intended to improve transparency because an auction would not take place when there is no Matched Volume.
Auction execution and extension rules unchanged
The Exchange states it is not changing how it determines the price at which auctions will take place or the auction extension logic: Indicative Match Price will continue to be used for auction processing and for extension decisions, while disseminated imbalance data will use the Auction Reference Price.
Aligns NYSE American imbalance reporting with NYSE
NYSE American is aligning its calculation of disseminated auction imbalance information with its affiliate NYSE by using a reference price approach (Auction Reference Price analogous to NYSE's Imbalance Reference Price). The Exchange states this promotes consistency across affiliated exchanges and may help multi-venue participants.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16936, Eagle Point Credit Management LLC and Eagle Point Trinity Senior Secured Lending Company
2026-16951, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Regarding Certain Free Trials
Cboe C2 Exchange is changing its free trial offer for certain market data. Instead of letting users pick any six months of past data, everyone will get the same fixed six-month period from July to December 2022. This update starts right away and helps keep things simple for traders and data users.
Previous / Next Documents
Previous: 2025-16813, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF To Permit Staking of the Ether Held by the Trusts
The SEC is taking more time to decide if the Grayscale Ethereum Trust ETFs can let their Ether be staked, which could help earn rewards. This affects investors in these ETFs and might change how the funds grow money. The decision deadline has been extended, so everyone’s waiting to see if staking gets the green light.
Next: 2025-16815, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Connectivity Fee Schedule
NYSE Arca is updating its connectivity fee schedule to change which market data products are included for free with their colocation services. This affects traders and firms using NYSE Arca’s data connections, potentially changing what they pay or get access to starting right away. The update aims to keep fees fair and services clear without delay.