SEC Reviews NYSE Changes to Stock Auction Pricing Rules
Published Date: 11/19/2025
Notice
Summary
The New York Stock Exchange and its affiliates want to change how they calculate the Auction Reference Price, which affects traders and investors using these markets. The SEC is now reviewing these rule changes to decide if they should be approved or not, with a decision expected by November 19-20, 2025. These changes could impact how prices are set during auctions, possibly affecting trading costs and timing.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Add last trade to auction price
For Core Open Auctions, the Exchanges propose that the Auction Reference Price would first consider the "price of the last consolidated trade of at least one round lot of that trading day." This change is meant to make the auction reference price reflect more recent trading activity and could change how auction prices are set, which may affect traders and investors using those auctions.
Use recent auction price when NBBO missing
If there is no Auction NBBO, the Exchanges propose that the initial Auction Reference Price would be the prior trading day's Official Closing Price, but subsequent calculations would use the most recently calculated Auction Reference Price. The Exchanges say this distinction is intended to provide a more recent reference price for auctions after the initial calculation.
Exclude TRF trades from auction price
The Exchanges propose excluding trades on Trade Reporting Facilities (TRF) during the Early Trading Session or Late Trading Session from Auction Reference Price calculations because TRF trades may not reflect the actual market. The Exchanges state excluding TRF trades would provide for a more accurate snapshot of the current market for auction reference prices.
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