CUBE is an electronic price improvement auction mechanism designed for Single-Leg and Complex paired orders of any size. Request For Quote messages are published on NYSE American's proprietary market data feeds. For additional information on CUBE functionality, click here (begins on page 42).
| Price Accessibility | CUBE auctions can trade in penny increments despite the spread otherwise required for any given series. |
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| Price Improvement | CUBE Orders can seek price improvement prior to execution, with no minimum size requirement. |
| Flexibility | Using the Surrender Quantity function, a submitting firm can request that the Contra order receive less than the 40% guaranteed allocation (conditional on receiving enough responses to trade with the order). |
| Determinism | Robust functionality offers auction ability to run its full duration, bolstered by concurrent auction functionality and continuous trading support. |
| Response Discretion | Using a special Time-In-Force designation, firms may submit GTX responses which will only trade with a CUBE order, if at all, then cancel. GTX orders can be further defined with an Auction ID to target a specific CUBE auction. |
| Execution Guarantee | Even if there is no price improvement on the CUBE order, the execution is guaranteed upon submission (does not apply to AON CUBE) |
The BOLD mechanism sources additional liquidity for eligible order types that lock or cross an away market by sending an RFQ on NYSE American's Top and Deep market data feeds. For additional information on CUBE functionality, click here (begins on page 40) or review the Frequently Asked Questions.
| Increased Opportunity | BOLD allows participants the opportunity to source additional liquidity for their marketable orders NYSE American Options market for their marketable orders. |
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| Additional Control | BOLD provides Participants additional control of their execution experience including where orders execute and can help avoid routing fees on applicable orders. |
| Maximum Flexibility | BOLD is optional functionality that can be applied on an order-by-order basis or as a session default giving participants maximum flexibility for use. |