EC’s closing auction plan faces cool reception from markets
Participants say proposal for multiple EU equity closing auctions would split price formation
A European Commission proposal to create a new closing price, drawn from multiple closing auctions and published on the consolidated tape, has caught exchanges and market participants by surprise, and looks set to receive a hostile response from many of them.
The volume-weighted closing price would ostensibly address competition and resilience concerns around closing auctions held on a single venue
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