LSEG said that the tool launched with 12 Turquoise members entering new orders in 76 different symbols of 11 different country markets on its first day.
Tag: Closing auctions
After a technical issue halted trading for several hours at Euronext on Monday morning, the market close was then impacted and closing auctions failed to take place.
Cboe Market Close (CMC) will go live in March this year after the exchange gained approval to launch the mechanism last month.
Cboe has gained approval from the SEC to operate an alternative closing auction mechanism, which threatens the monopoly primary exchanges retain on end-of-day trading.
Activity in closing auctions has surged across Europe, but a study from France’s AMF says the concentration of volumes at the end of the day has not affected price formation.
New market close process developed in response to rising costs of using closing auctions.