NYSE Texas Swaps Auction Prices: Traders Get Smarter Numbers Overnight
Published Date: 9/10/2025
Notice
Summary
NYSE Texas 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 and kicks in right away with no extra fees. The goal? Clearer, faster info to help everyone make smarter trading moves.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Auction Imbalance Info Uses Reference Price
The Exchange will calculate and publish Auction Imbalance Information (including Total Imbalance, Market Imbalance, and Matched Volume) using the Auction Reference Price instead of the Indicative Match Price. This rule change was filed on August 27, 2025 and the Exchange will implement it no later than the fourth quarter of 2025.
Indicative Match Price Shown as Zero If No Match
For Auction Imbalance Information, if there is no Matched Volume the Exchange will set the Indicative Match Price to zero. This change is proposed in Rule 7.35(a)(8)(D) and is intended to make the published Indicative Match Price more transparent when an auction would not occur.
Order Validation Uses Published Total Imbalance
The Exchange will validate certain order types for auctions (LOC, MOC, LOO, and MOO) using the Total Imbalance published in Auction Imbalance Information, which will be calculated at the Auction Reference Price. The rule text notes this change for Closing Auction validation (Closing Auction Imbalance Freeze begins one minute before the Closing Auction) and for Trading Halt Auctions (Trading Halt Auction Imbalance Freeze begins five seconds before the Re-Opening Time); the Exchange says the validation process itself will not otherwise change.
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