Quote Only Period Extension
Situations that can result in the Quote Only period being extended include, but are not limited to:
- Unmatched Market Order Shares (automatic)
- Legitimate Underwriter Request (manual)
- Volatility (automatic 5 minute extension for an Indicative Price movement that is the greater of 10% or 50 cents in the 15 second window prior to the auction match)
ETP IPO (Effective 09/21/26:)
Price Validation Test failure (automatic) — the LMM has not approved an Indicative Price, or the Indicative Price is outside the LMM-designated price bands around the Approved Price.
Extension duration depends on timing:
9:30 a.m. - 9:45 a.m. ET: Five-second increments (all four checks apply)
9:45 a.m. ET onward: Five-minute extensions (only checks 1-3 apply; price validation test ends)
Unapproved Indicative Price (automatic extension past 9:30 a.m. until the LMM approves the Indicative Price or 9:45 a.m. ET)
Price Band Violations (automatic extension when the Indicative Price falls outside the lower and upper limits of the LMM-set price bands when the system attempts to execute the auction)