Cboe Europe Equities has announced an enhancement to the Periodic Auctions Book (PAB) functionality. The “AOC” (Accept or Cancel) order type will be available in the Cboe UK and Cboe NL Periodic Auction Books effective Friday 27th May, 2022.

The new AOC order type will ensure marketable orders are accepted and remain in the Periodic Auctions book for the duration of the auction cycle and are treated as Good For Auction (GFA), unless cancelled by the Participant. Non-marketable orders will be cancelled immediately.

A marketable order is defined as an AOC order likely (but not guaranteed) to execute in the next PAB cycle based on the available contra liquidity and the pricing conditions of the AOC order at the time of receipt.

AOC orders are subject to a marketability test and, if accepted into PAB, are likely (but not guaranteed) to result in an execution.

This enhancement is now available for testing in the BXE and DXE Certification environments.