NYSE Adds FLEX Options to Its CUBE Auction Mix
Published Date: 7/24/2026
Notice
Summary
NYSE American is updating its rules to let FLEX Options join its CUBE Auction for both single-leg and complex trades. This change helps traders find better prices and compete with other exchanges offering similar features. The new rules took effect right away on July 9, 2026, making trading more flexible and potentially saving money for market participants.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
Electronic FLEX Options Join CUBE Auction
NYSE American now allows FLEX Options to trade electronically in its CUBE Auction for single-leg and complex orders, effective July 9, 2026. The Exchange says this gives market participants another venue that may provide price improvement and increased competition; the Exchange will announce an implementation date by Trader Update no later than the first quarter of 2027.
Longer Response Windows for FLEX CUBE Auctions
For FLEX CUBE Auctions the Exchange will set the Response Time Interval to be no less than 3 seconds and no more than 5 minutes, whereas non-FLEX CUBE Auctions use a Response Time Interval of 100 milliseconds to 1 second. This gives participants more time to respond for FLEX Auctions but can delay execution compared with non-FLEX auctions.
Electronic FLEX Orders Limited to USD and Standard Styles
FLEX Orders submitted to the CUBE Auction must use U.S. dollar prices and an American or European exercise style; electronic FLEX Orders may not use percentage pricing or 'capped' exercise styles that are allowed in open outcry. These restrictions apply to FLEX CUBE Auctions as specified in the proposed commentary to Rules 971.1NYP and 971.2NYP.
FLEX Auction Responses Limited to GTX Orders
RFR Responses to FLEX single-leg CUBE Auctions must be designated as single-leg GTX Orders in the same FLEX series, and responses to FLEX Complex CUBE Auctions must be Complex GTX Orders that include each FLEX series in the original order. The Exchange also states that unrelated quotes/orders not marked GTX will not be treated as responses in FLEX CUBE Auctions.
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