Nasdaq GEMX Tweaks Auction Mechanisms to Smooth Trading
Published Date: 4/22/2026
Notice
Summary
Nasdaq GEMX is updating how certain auction trades work by letting Market Makers join in more easily to help match orders. This change aims to make trading smoother and could lead to better prices for investors. The new rules kicked in right after filing on April 13, 2026, so traders should watch for quicker, smarter auctions now.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Market Makers Can Be Solicited in Auctions
The Exchange now permits assigned Market Makers to be solicited as the contra-side in paired electronic auctions: Price Improvement Mechanisms (PIMs), the Solicited Order Mechanism (SOM), and the Facilitation Mechanism. SOMs apply to larger-sized Agency Orders (500 or more contracts), Facilitation orders have a 50-contract minimum, and PIMs have no specific size requirement. The rule filing was submitted April 13, 2026, and the Exchange plans to implement the changes on or before Q3 2026.
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Key Dates
Department and Agencies
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