On February 8, 2021, NYSE American Options will implement in production the previously new, optional AON CUBE functionality.

CUBE is NYSE American Options’ electronic crossing price improvement auction mechanism. CUBE is available for single-leg orders and complex orders. It offers exchange participants the ability to seek price improvement for paired orders of any size.

AON CUBE provides All-or-None (AON) functionality for Single-Leg CUBE and Complex CUBE orders of 500 contracts or more; the minimum requirement applies to each leg of an AON Complex CUBE order.

Unlike standard Single-Leg and Complex CUBE orders, which are guaranteed an execution by the Contra order, AON CUBE orders may be cancelled with no execution in certain circumstances. These scenarios are limited to auctions where contra-side marketable customer interest is present and there is insufficient equally or better priced interest (both customer and non-customer) in aggregate to satisfy the size of the AON CUBE order. In such circumstance, the auction will be cancelled on priority grounds as there is not enough interest to allow for customer interest to trade.

Prior to entering an agency order on behalf of a customer into the CUBE Auction as an AON Single-Leg CUBE or AON Complex CUBE order, initiating participants must deliver to the customer a written notification informing the customer that such order may be executed using the AON CUBE Auction. Such written notification must be in a form approved by the Exchange and must disclose the terms and conditions contained in Commentary .04 of NYSE American Rules 971.1NY for Single-Leg CUBE and Rule 971.2NY for Complex CUBE.