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SNAPSM Auction Summary

There are four possible results related to SNAPSM Auction activity.

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  SNAPSM Auction Requested – Not Started

CHX will only initiate a SNAP Auction if all of the following time conditions are true:

  • The issue is open for trading in the Regular Trading Session (RTS) and not subject to a regulatory trading halt.
  • The issue has been open for trading for at least five (5) minutes since the RTS began or resumed in the RTS for at least five (5) minutes.
  • At least five (5) minutes remain before the scheduled end of RTS trading.
  • A SNAP Auction in the same security is not currently underway.
  • A SNAP Auction in the same security did not take place within sixty (60) seconds.
  • CHX outbound routing services must be available to send any required Satisfaction Orders to honor protected quotes elsewhere.
  • A two-sided protected NBBO must available.
  • The NBBO cannot be crossed.
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  SNAPSM Auction Begun – Unable to Complete

To complete a SNAP Auction, four conditions must be met:

  • XYZ must still be open for trading (e.g., a regulatory trading halt has not occurred).
  • CHX outbound routing services must be available to send any required Satisfaction Orders to honor protected quotes elsewhere.
  •  A two-sided protected NBBO must available.
  • The NBBO cannot be crossed.

If any one of these conditions is not met, the SNAP Auction does not proceed. CHX transitions back to an open trading state.

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  SNAPSM Auction Begun – Insufficient Liquidity

There are two possible reasons for insufficient liquidity in a SNAP Auction.

  • No matchable orders existed for this particular auction.
  • The auction failed to find sufficient size to meet the minimum size requirement for this particular Start SNAP Order.
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  SNAPSM Auction Completed

If a SNAP Auction was successfully completed. The number of shares traded (including shares executed away from CHX) is shown along with the SNAP Auction price.