The NYSE American LLC has proposed a change to its Rule 971.2NY, which involves their Complex Customer Best Execution Auction (CUBE). This rule change introduces an optional all-or-none feature for larger orders in the Complex CUBE Auction, aiming to offer better pricing and competition for larger-sized trades (with at least 500 contracts on the smallest leg). The proposed functionality aligns with similar mechanisms available on other exchanges, enhancing the ability of ATP Holders to secure price improvements for large orders. The Securities and Exchange Commission has determined that this rule change does not significantly impact investor protection or competition and has allowed it to go into effect immediately.
Simple Explanation
The NYSE American LLC is making a change to a kind of buying and selling game for big trades, where they can choose to only make trades if they get their exact order. This helps them get better deals, and the people in charge say it's okay for this change to happen right away.