Cboe Exchange, Inc. proposed a rule change to amend the execution price cap for auction mechanisms AIM and SAM, which are designed to improve pricing for customer orders. Currently, Agency Orders must be executed at a price no worse than the Initial NBBO. The new proposal allows these orders to potentially receive better pricing when the market changes during the auction, thus offering price savings to customers. The exchange believes this change will benefit investors by providing more opportunities for price improvement without negatively impacting competition or market integrity.
Simple Explanation
Cboe Exchange wants to change a rule so that when you buy or sell things in a special way, you might get a better price if the market changes while you're waiting. They think this will help people save money without causing any problems for everyone else buying or selling.