Early Termination

A COA order will continue to be exposed and eligible for execution until the exposure period is over or the auction terminates early because of the following scenarios:

• Customer cancels the original order that initiated the COA.
• A new, non-COA eligible, complex order is entered on the same side with a better price than a COA in progress. The system will end the auction immediately and attempt to execute the COA order before handling the newly arrived non-COA eligible complex order.
• An order is received on an individual series leg that improves the SBBO on the same side as a COA in progress to a price better than the Auction Price. The system will end the auction immediately and attempt to execute the COA order.
• A Priority Customer order is received on an individual series that joins or improves the SBBO on the same side as a COA in progress to a price equal or better than the Auction Price. The system will end the auction immediately and attempt to execute the COA order (C1 and EDGX only).
• A halt in the underlying security occurs while a COA is in progress. The COA will be terminated and no executions will be applied.
• A LULD Limit State or Straddle state goes into effect while a COA is in progress, if the COA order is a Market Order, the COA will be terminated and no executions will be applied. COAs for Limit Orders will not be affected by LULD.