SEC OKs Exchange Auction Delay Fix
Published Date: 7/28/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Opening Auction May Be Briefly Delayed
If the Indicative Price is outside the applicable collar at 9:30:00, the Exchange will check every second from 9:30:00 to 9:30:05 and may delay the Opening Auction to allow orders to match. The delay can extend in bounded steps so the auction will occur no later than 9:34:30, preserving auction-eligible orders that otherwise would be canceled (examples cited: KEEX on April 29, 2026 and JELH on May 1, 2026).
Collar Widening Locked and Limited
If the Opening Auction is delayed beyond 9:30:05, the Exchange will widen the collar by a 5% 'Widening Amount' of the locked-in Volume Based Tie Breaker at 9:30:05 and may apply that 5% step up to five times, producing a maximum cumulative expansion of 25% by 9:34:30. The Volume Based Tie Breaker is locked at 9:30:05 and used for all subsequent widenings.
Odd-Lot Trades Can Set Official Open
The Exchange will change the definition of 'BZX Official Opening Price' so an odd-lot execution in the Opening Auction (not only round-lot trades) can set the official opening price disseminated to the consolidated tape. If there is no Opening Auction, the BZX Official Opening Price will be the Final Last Sale Eligible Trade (FLSET).
Order Cutoffs and Cancellation Limits at Open
Under the proposal, limit-on-open (LOO) and market-on-open (MOO) orders may be submitted only until 9:28 a.m.; Regular Hours Only (RHO) market orders are rejected from 9:28 a.m. until the Opening Auction concludes; late-limit-on-open (LLOO) orders may be submitted from 9:28 a.m. until the auction concludes. Eligible Auction Orders may not be cancelled or modified from 9:28 a.m. until the Opening Auction concludes, except RHO limit orders may be modified (but not cancelled) in that period.
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