Cboe Gets SEC Approval to Launch US Equities Periodic Auctions

Cboe Global Markets has received approval from the US Securities and Exchange Commission to introduce periodic auctions onto its Cboe BYX Equities Exchange. The periodic auctions allow market participants to access frequent, price-forming auctions throughout the trading day, helping them find liquidity with a reduced market impact. Cboe said the launch was in response to increasing block-sized liquidity taking place off-exchange using conditional orders, adding that the auctions would provide traders with an on-exchange alternative to trade in size.