On the NYSE all opening prices are determined by auction. Unlike other exchanges the NYSE opening price is determined using a specialist and the symbol can open with either a trade or a quote. The other exchanges however always open with a trade. Sometimes they refer to auctions, but really it is just matching orders. Therefore, the opening price is equal to the first trade at the market center. There are no requirements for participation, but participants usually make sure that they are in at the opening by the order the place, eg. market order on open etc.
We apologize for the delay in responding.
Thank you,
NYXData |