Vincent Boquillon

The closing auction has become the most important liquidity event of the trading day- absorbing a growing share of flow. As this trend accelerates, desks are re-evaluating auction access models, routing logic, and algo strategies. This session examines the rise of auction algo suites, RFQ-for-close protocols, and the increasing role of internal crosses. Panellists will discuss how these developments are influencing price formation, market impact, and execution quality- and whether benchmark closing prices remain a reliable reflection of overall market activity as more volume is matched away from the lit exchange.