MRX Auctions Simplified: Easier Joins for Market Makers
Published Date: 4/22/2026
Notice
Summary
Nasdaq MRX 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 took effect right after filing on April 13, 2026, so traders should watch for quicker, smarter auctions soon.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Market Makers Can Be Solicited in Options Auctions
Nasdaq MRX now permits orders for the accounts of assigned Market Makers to be solicited as the contra-side in Facilitation Mechanisms, the Solicited Order Mechanism (SOM), and the Price Improvement Mechanism (PIM). This change applies to both simple and complex orders and may expand liquidity and price-improvement opportunities, particularly for retail and smaller Priority Customer orders. The filing was effective upon submission on April 13, 2026, and the Exchange proposes to implement the operational changes on or before Q3 2026.
IOC Orders Will Be Rejected, Not Routed
Nasdaq MRX amended Options 5, Section 4(a) to state that Immediate-or-Cancel (IOC) orders will be rejected and will not be routed. The Exchange says this clarifies existing treatment (an IOC will not rest on the book and cannot route) and plans to implement the change on or before Q3 2026.
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Key Dates
Department and Agencies
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