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SEC clears Cboe closing auction proposal

  • The SEC has dealt a blow to the New York Stock Exchange (NYSE:ICE) and Nasdaq (NASDAQ:NDAQ) by allowing traders placing orders through Cboe Global Markets (NYSE:CBOE) to bypass paying fees to its rival exchanges when they seek to buy or sell shares at daily closing prices.
  • NYSE and Nasdaq have long held a tight grip on the market by determining the official end-of-day price of stocks.
  • The rising popularity of index-based investing strategies has been a major factor behind the growing importance of closing auctions, which landed 7.2% of trading volumes in U.S. equities last year, up from about 5% in 2016.

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