Auction Collars
Regulatory Halt Auction collars will be in place for both ETPs and corporate issues.
The initial upper and lower collars for Regulatory Halts (non-LULD) will be 5% (or $0.15 for prices $3.00 or less) from the Final Last Sale Eligible Trade (FLSET). The FLSET will be used as the Reference Price.
For LULD Trading Pauses, the upper or lower band that triggered the Trading Pause will be multiplied by 5% to obtain the collar price for that side. The band that did not trigger the Trading Pause will be kept in place as the collar limit for the other side. If a Price Band is less than $3.00, then a fixed value of $0.15 will be used to widen that side of the auction collar.
| Scenario | Upper Collar | Lower Collar |
|---|---|---|
| Regulatory Halt, FLSET >$3 | FLSET x 1.05 | FLSET x 0.95 |
| Regulatory Halt, FLSET <=$3 | FLSET + $0.15 | FLSET - $0.15 |
| Limit Up, Upper Band > $3 | (Limit Up Band Price) x 1.05 | Limit Down Band Price |
| Limit Down, Lower Band > $3 | Limit Up Band Price | (Limit Down Band Price) x 0.95 |
| Limit Up, Upper Band <= $3 | (Limit Up Band Price) + $0.15 | Limit Down Band Price |
| Limit Down, Lower Band <= $3 | Limit Up Band Price | (Limit Down Band Price) - $0.15 |
The auction collars will widen by the designated amount at each Quote Only period extension either towards the Indicative Price or the imbalance.